by Joan Buchman Miller | Jul 27, 2023 | Accounting, C Corporation, S Corporation, tax planning
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to... 
by Joan Buchman Miller | Apr 24, 2023 | Accounting, C Corporation, tax planning
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend... 
by Joan Buchman Miller | Dec 12, 2022 | Accounting, C Corporation
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed... 
by Joan Buchman Miller | Jun 14, 2022 | Accounting, C Corporation, tax planning
There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be... 
by Joan Buchman Miller | Apr 14, 2022 | Accounting, C Corporation, S Corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before... 
by Joan Buchman Miller | Feb 14, 2022 | Accounting, C Corporation, S Corporation, tax planning
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings...