Key TakeawaysSmall business tax deductions save money but must be reasonable and well-documented. Unreasonable deductions trig...

Key TakeawaysReasonable salary for S Corp shareholders can vary widely depending on methodology and inputs—$193K vs. $113K in one...

Key TakeawaysWCG launched its first small business podcast and video series to discuss entity formations and considerations. T...

Key TakeawaysWorking from home is increasingly common, but it raises tax questions about home office deductions. Two methods e...

Key TakeawaysElecting S corporation taxation for your LLC can reduce self-employment taxes, but the transition comes with challen...

Key TakeawaysElecting S Corp status requires all shareholders to pay themselves a reasonable salary to comply with IRS rules. ...

Key TakeawaysThe Section 199A deduction allows certain small business owners to deduct up to 20% of qualified business income (QB...

Key TakeawaysSide hustles can be exciting, but without a documented profit motive, the IRS may classify them as a hobby. Hobby...

Key TakeawaysCharitable donations can support causes you care about and may provide tax deductions. To be deductible, donation...

Key TakeawaysSSTB Overview: Certain professions like accountants, physicians, attorneys, consultants, and financial advisors are ...