Category: State Tax Guides

Form 3800, the General Business Credit, is your go-to tool for unlocking a treasure trove of small business tax credits. This master form keeps the tax credit game strong, helping businesses make the most of tax savings. With over 30 credits up for grabs, including incentives for research, hiring, and more, it’s a goldmine for…

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Are you considering starting a US business but are still determining if you are eligible? Foreign persons may establish or own a business in the US because residency and citizenship are not typically required for business ownership. When starting a business in the US, you must consider the types of business entities you can legally…

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US residents and citizens pay taxes on their worldwide income, and special rules apply when there is substantial US ownership in foreign business entities such as partnerships or corporations. This article will discuss the specific laws and policies governing how controlled foreign partnerships (CFPs) are taxed. US persons with ownership interests in a CFP may…

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As one of the world’s largest consumer markets, the United States remains a popular destination for foreign investment, thanks to a strong economy and free trade agreements with several foreign countries. Business structure, residency status, income sources and types, and tax treaties are some of the variables affecting foreign founders’ tax obligations. One of the…

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A corporation is a legal entity distinct from its owners. Shareholders purchase shares of the corporation. Due to the numerous advantages of corporations, many individuals opt for this structure. It is considered a separate legal entity from its owners because it can make independent decisions, enter into contracts, acquire assets, and incur liabilities. It has…

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Filing taxes can be stressful, particularly for businesses striving to ensure they have ample cash to cover tax obligations by the due date. To alleviate this burden, consider making quarterly estimated tax payments to the IRS throughout the tax year.  By doing this, you can better manage your cash flow and prevent underpayment penalties when…

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Filing taxes can be a complex and stressful process, but understanding the necessary forms and procedures can make it more manageable. One critical form for businesses is Form 7004, which allows you to request an automatic extension of time to file certain business income tax, information, and other returns. In this step-by-step guide, we’ll walk…

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Key Takeaways: What is a Qualified Business Income deduction? Qualified business income deductions, also referred to as QBI deductions, are one of the most talked about changes of the 2017 Tax Reform. This new tax break allows individuals and some estates and trusts who own pass-through entities — partnerships, LLCs, S Corporations and sole proprietorships…

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Did you know that the IRC Section 1202 exclusion for gain on qualified small business stock (QSBS) has been around for decades? The partial or total exclusion of gain is intended to encourage investors to invest in startups and small businesses despite the risks involved. If you meet all the requirements, QSBS can save you…

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The gross amount of payments made via credit cards, electronic transactions, and other platforms that control payments between two parties is reported on Form 1099-K. Key Takeaways: What is Form 1099-K For? Form 1099-K is an information return, meaning you can use it to calculate other things on your tax return. The 1099-K details transaction records…

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