Blog

What’s the Difference Between Filing Jointly or Separately as a Married Couple a Business as a Sole Proprietor Here’s How It Could Impact Your Taxes
What’s the Difference Between Filing Jointly or Separately as a Married Couple? 850 500 smolinlupinco

What’s the Difference Between Filing Jointly or Separately as a Married Couple?

You know that you must choose a filing status when you file your tax return, but do you know what your choice really means? Picking the right filing status matters because the status you select will influence your tax rates, eligibility for certain tax breaks, standard deduction, and correct tax calculation. And there are plenty…

read more
Is Qualified Small Business Corporation Status Right for You
Is Qualified Small Business Corporation Status Right for You? 850 500 smolinlupinco

Is Qualified Small Business Corporation Status Right for You?

For many business owners, opting for a Qualified Small Business Corporation (QSBC) status is a tax-wise choice. Potential to pay 0% federal income tax on QSBC stock sale gains For the most part, typical C corporations and QSBCs are treated the same when it comes to tax and legal purposes, but there is a key…

read more
sole proprietor business tax impacts
Starting a Business as a Sole Proprietor? Here’s How It Could Impact Your Taxes 850 500 smolinlupinco

Starting a Business as a Sole Proprietor? Here’s How It Could Impact Your Taxes

It’s not uncommon for entrepreneurs to launch small businesses as sole proprietors. However, it’s crucial to understand the potential tax impacts first. Here are 9 things to consider.  1. The pass-through deduction may apply If your business generates qualified business income, you could be eligible to claim the 20% pass-through deduction. (Of course, limitations may…

read more
Can too much cash be bad for business
Can Too Much Cash Be Bad For Business? 850 500 smolinlupinco

Can Too Much Cash Be Bad For Business?

Today’s marketplace can feel uncertain, so it’s no surprise that many businesses are stashing operating cash in their bank accounts. However, without imminent plans to deploy these reserves, do these excessive “rainy day funds” really offer efficient use of capital? If you want to estimate reasonable cash reserves while maximizing your company’s return on long-term…

read more
2 Alternative Methods to Manage Your Business Inventory
2 Alternative Methods to Manage Your Business Inventory 850 500 smolinlupinco

2 Alternative Methods to Manage Your Business Inventory

Warehousing, salaries, insurance, taxes, transportation…. And don’t forget depreciation and shrinkage! Carrying significant inventory on your business’s balance sheet can be costly. Not to mention, when working capital is tied up in inventory, your business’s other strategic investment opportunities become limited. Managing your inventory more effectively reduces these costs, improving profits and increasing operating cash…

read more
Answers to Your Tax Season Questions
Answers to Your Tax Season Questions 850 500 smolinlupinco

Answers to Your Tax Season Questions

Ready or not—the 2024 tax season is officially open! The IRS is now accepting and processing 2023 income tax returns Just as in years prior, we’re receiving an abundance of questions about this tax season. Let’s take a look at seven of the most relevant ones.  1. What are the 2024 tax season deadlines? For…

read more
A hybrid DAPT may offer the asset protection you need
A Hybrid DAPT May Offer the Asset Protection You Need 850 500 smolinlupinco

A Hybrid DAPT May Offer the Asset Protection You Need

Asset protection is a vital part of estate planning. Chances are you want to pass on as much of your wealth to family and friends as possible. To do this, you may need to shield your assets from frivolous creditors’ claims and lawsuits. One option available to you as you plan your estate is to…

read more
Higher Interest Rates Spark Interest in Charitable Remainder Trusts
Higher Interest Rates Spark Interest in Charitable Remainder Trusts 850 500 smolinlupinco

Higher Interest Rates Spark Interest in Charitable Remainder Trusts

If you wish to leave a charitable legacy while still generating income during your lifetime, a charitable remainder trust, or CRT, could be a viable solution.  In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the…

read more
Will your court awards and out-of-court settlements be taxed
Will your court awards and out-of-court settlements be taxed?  850 500 smolinlupinco

Will your court awards and out-of-court settlements be taxed? 

Courts grant monetary awards and settlements for a range of reasons.  For example, you may receive compensatory and punitive damage payments for personal injury, discrimination, or harassment. In this situation, some of the awarded amount you receive may be taxed by the federal government, and perhaps some will be taxed by your state government.  Hopefully,…

read more
Standard-Business-Mileage-Rate-Increasing-in-2024
Standard Business Mileage Rate Increasing in 2024 850 500 smolinlupinco

Standard Business Mileage Rate Increasing in 2024

The IRS recently announced an increase to the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business. In 2024, the cents-per-mile rate for panel trucks, pickups, vans, and cars will rise from 65.5 cents to 67 cents. The increase is meant to reflect, in part, changing gasoline prices.…

read more
Q1 Tax Deadlines 2024
2024 Q1 Deadlines Employers Need to Know 850 500 smolinlupinco

2024 Q1 Deadlines Employers Need to Know

A new year means new tax-related deadlines! Here are the key dates that business owners and employers should keep on their tax planning radars in the first quarter of 2024.  Jan. 16, 2024 Final installments of 2023 estimated taxes are due. Farmers and fishermen must pay estimated taxes for 2023. (If not, you must file…

read more
11 Scenarios Avoid 10% Penalty Tax Early IRA Withdrawals
11 Scenarios Where You Can Avoid the 10% Penalty Tax on Early IRA Withdrawals 850 500 smolinlupinco

11 Scenarios Where You Can Avoid the 10% Penalty Tax on Early IRA Withdrawals

When financial challenges arise, it can be tempting to take an early withdrawal from your traditional IRA. However, making the decision without understanding the tax implications is risky. Here’s what you need to know, including your options for avoiding the 10% early withdrawal penalty tax. First off, the penalty doesn’t always apply. A withdrawal from…

read more
Start Typing
in NJ, NY & FL | Smolin Lupin & Co.