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... 
by Joan Buchman Miller | Dec 6, 2021 | Accounting, C Corporation, tax planning
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if... 
by Joan Buchman Miller | Nov 17, 2021 | Accounting, C Corporation, employees, LLC, S Corporation, tax planning
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the... 
by Joan Buchman Miller | Nov 8, 2021 | Accounting, C Corporation, LLC, S Corporation
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company...