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Small business tax planning tips

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Ines Zemelman, EA
• 07.05.24
Backup withholding: Understanding its purpose, process, and implications
Backup withholding is a precautionary tax measure enforced by the IRS (Internal Revenue Service) to ensure that taxes are collected on certain types of income. This mechanism is crucial for income types where regular withholding is not typically enforced, such as interest, dividends, and independent contractor payments. In this article,...
Backup withholding: Understanding its purpose, process, and implications
Small business tax planning tips
5 mins read
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Ines Zemelman, EA
• 29.04.24
S corporation tax benefits: Balancing opportunities and challenges to be aware of
For small business owners contemplating the appropriate legal structure for their enterprise, the S corporation offers a blend of pass-through taxation and corporate liability protection. This entity type, recognized under Subchapter S of the Internal Revenue Code, is designed to support small businesses by avoiding the double taxation...
S corporation tax benefits: Balancing opportunities and challenges to be aware of
Small business tax planning tips
4 mins read
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Ines Zemelman, EA
• 23.04.24
Step-by-step guide: Form 5472 for foreign owned businesses
Form 5472 is an important document for foreign companies doing business in the United States. This IRS form helps ensure that companies comply with US tax regulations regarding their related party transactions. The form is complex, and proper filing is essential to avoid significant penalties. This guide provides a detailed walkthrough of...
Step-by-step guide: Form 5472 for foreign owned businesses
Small business tax planning tips
5 mins read

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Ines Zemelman, EA
• 22.03.24
Understanding the differences: Forms 1065 vs 1120S
Among the myriad of forms, Form 1065 and Form 1120S stand out for entities structured as partnerships and S corporations, respectively. This article delves into the distinctions, requirements, and strategic considerations of each, offering a comprehensive guide for tax professionals and business owners alike. What are Forms 1065 and...
Understanding the differences: Forms 1065 vs 1120S
Small business tax planning tips
5 mins read
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Ines Zemelman, EA
• 22.03.24
Form 4797: Sales of Business Property [what it is and how to file it]
Understanding the intricacies of tax forms is crucial for business owners, accountants, and tax professionals. Among these, Form 4797, "Sales of Business Property," stands out due to its specific use case and the detailed information it requires. This article aims to demystify Form 4797, offering a comprehensive guide on what it is, when...
Form 4797: Sales of Business Property [what it is and how to file it]
Small business tax planning tips
5 mins read
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Ines Zemelman, EA
• 12.03.24
Form 7004 instructions: business tax extension
You might want to delay your business tax filing for many reasons. It could be due to your busy business season coinciding with tax season, or perhaps you're still gathering all the necessary documents for filing your return. If this is the case, you can use Form 7004 to ask the IRS for a business tax extension. It will give you additional...
Form 7004 instructions: business tax extension
Small business tax planning tips
2 mins read
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Ines Zemelman, EA
• 12.03.24
Augusta Rule: How does it work for small businesses?
If you've been wondering whether you can rent your home to your business, the Augusta Rule could be the answer. This tax strategy offers a dual benefit: it allows you to reduce your business taxes while earning some tax-free income as a homeowner. Although the Augusta tax rule was not created for business taxation, it still applies. In this...
Augusta Rule: How does it work for small businesses?
Small business tax planning tips
4 mins read
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Ines Zemelman, EA
• 11.03.24
LLC vs. sole proprietorship: How to choose with a focus on taxes
Choosing the right business structure is a pivotal decision for entrepreneurs, impacting everything from daily operations to tax obligations. In this article, we delve into the nuances of LLCs (Limited Liability Companies) versus sole proprietorships, with a special focus on tax considerations. Understanding the tax implications of each...
LLC vs. sole proprietorship: How to choose with a focus on taxes
Small business tax planning tips
6 mins read
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Ines Zemelman, EA
• 11.03.24
Tax considerations when using an LLC for rental property
Navigating the complexities of tax laws can be challenging for rental property owners. This article provides a comprehensive guide on how establishing an LLC for rental properties impacts tax considerations. Our goal is to empower property investors with the knowledge to make informed decisions. Understanding LLCs and rental...
Tax considerations when using an LLC for rental property
Small business tax planning tips
6 mins read
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Ines Zemelman, EA
• 08.03.24
Understanding IRS Form 6198: At-Risk Limitations
Form 6198, "At-Risk Limitations," is integral to the US tax system, particularly for investors and business owners. It's designed to limit the loss that a taxpayer can claim from business activities, ensuring that these losses are only as much as the taxpayer's actual financial risk. What triggers the need for Form 6198? You'll need to...
Understanding IRS Form 6198: At-Risk Limitations
Small business tax planning tips
3 mins read
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Ines Zemelman, EA
• 07.11.22
What Happens If You Overpay Estimated Taxes To IRS?
It takes a lot of experience and knowledge to file your taxes as a freelancer or independent contractor. Quarterly estimated taxes are frequently a source of confusion for freelancers or independent contractors. When you're just starting out, how can you figure out how much money you'll make? Paying too little is probably a bad idea. What...
What Happens If You Overpay Estimated Taxes To IRS?
Small business tax planning tips
3 mins read
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Ines Zemelman, EA
• 30.05.22
What Is Tax Filing Status and How Does It Affect a Taxpayer’s Tax Return?
When it comes to taxes, there are a lot of things that people don't know or understand. One common thing is tax filing status. What is it and how does it affect your tax return? In this blog post, we'll go over what tax filing status is and how it can impact your return. We'll also give you some tips on how to choose the right filing status for...
Small business tax planning tips
5 mins read
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Ines Zemelman, EA
• 23.05.22
Tax Refund: More People Qualify for Earned Income Tax Credit (EITC)
The IRS has announced an expansion of the Earned Income Tax Credit (EITC). Enacted in 1975, the EITC provides support to millions of low to moderate-income workers and families and is regarded as one of the federal government's largest antipoverty programs. The amount a taxpayer receives depends on their income, filing status, and the number...
Tax Refund: More People Qualify for Earned Income Tax Credit (EITC)
Small business tax planning tips
5 mins read
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Ines Zemelman, EA
• 20.05.22
Refund and Other Reasons Why You Need to File a 2021 Tax Return
2021’s economic environment has been extraordinary for many U.S. taxpayers. 2021 has also been unusual in terms of new tax laws. These new rules may affect many taxpayers who wouldn’t ordinarily file a 2021 tax return. Income dollar limits alone can determine who must file a tax return. Why you need to file a 2021 tax return often turns on...
Small business tax planning tips
6 mins read
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Ines Zemelman, EA
• 06.05.22
Difference Between Standard and Itemized Deductions
Did you know that you can reduce your tax bill either by taking itemized deductions or standard deductions? Wondering which one to choose? This article explains both of them in detail and highlights the difference between standard and itemized deductions. You will also find out what factors to consider when deciding whether to choose itemized or...
Difference Between Standard and Itemized Deductions
Small business tax planning tips
6 mins read