Can an S Corporation Increase Your QBI Deduction? If you're a successful sole proprietor, you may already have heard one of the most common pieces of small-business tax advice: "You should consider becoming an S corporation." Usually, that conversation focuses on potentially reducing self-employment taxes. But for some higher-income business owners, there may be another...Continue reading
If you own one business, calculating your Qualified Business Income (QBI) deduction can already get complicated. Own two or three businesses? Now you have another question: Does the IRS calculate the QBI deduction separately for each business, or can you combine them? The answer can potentially make a significant difference in your tax bill. Section...Continue reading
When most business owners hear "Research & Development Tax Credit," they picture pharmaceutical companies, technology giants, or billion-dollar manufacturers. The reality is very different. Thousands of small and mid-sized businesses qualify for the Research & Development (R&D) Tax Credit every year without realizing it. If your business develops new products, improves manufacturing processes, designs custom...Continue reading
Can I Deduct the Same Things for Multiple Self-Employed Businesses? If you’re self-employed and run more than one business, this is a very common question — and a smart one to ask. You might have a main business plus a side business. Or maybe you operate two different ventures under separate names. Naturally, you start...Continue reading