self-employed tax expert Cleveland

When Do I Have to Pay Self-Employment Taxes?

What Are Self-Employment Taxes? Do I Pay Them? Self-employment taxes are to individual business owners what payroll taxes are to employers and employees. They fund Social Security and Medicare.  All individuals with self-employment income must pay self-employment taxes, regardless of their age. When business owners reach retirement age, they’ll be able to collect Social Security...Continue reading

Converting from LLC to S Corp in Cleveland

S Corporation: Common Mistakes When Converting

Looking to convert to an S corporation? At first glance, the corporate tax rules for forming an S corp  appear simple.  They are not. In this article, we do two things: First, we help you avoid the potholes that destroy your S corp. Imagine what a shock that is—to find out that what you thought was...Continue reading

Landlords Tax Reduction Cleveland

Landlords and Business Owners: New Law Improves Energy Tax Benefits

Landlords and small business owners should know the newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental property.  As a Cleveland landlord, or small business owner, if you implement various types of renewable energy improvements, you can qualify for hefty tax credits or deductions.  One...Continue reading

electrical vehicle tax deductions

New Business Tax Credits for Buying Electric Vehicles

The Inflation Reduction Act of 2022 amended the Clean Vehicle Credit, and added a new requirement for final assembly in North America that took effect on August 17, 2022.  Three major things to know about this new law when it relates to tax planning for your business and buying an electric vehicle: 1.The existing electric vehicle...

paying daughter as small business owner

Q&A: Should I Pay My Daughter by W-2 or 1099?

Question from a Cleveland small business owner: How do I pay my daughter? I will hire my 15-year-old daughter to work in my single-member LLC business, and I expect to pay her about $12,000 this year. Do I pay her through payroll checks and file a W-2? W-2 Payment is Important When Paying Your Daughter...Continue reading

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