21
Oct
Be Reasonable People!
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By
Jason Watson
Key Takeaways
Small business tax deductions save money but must be reasonable and well-documented.
Unreasonable deductions trig...
13
Oct
RCReports Reasonable Salary Case Study
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By
Key Takeaways
Reasonable salary for S Corp shareholders can vary widely depending on methodology and inputs—$193K vs. $113K in one...
30
Sep
Entity Formations and Considerations Podcast
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By
Key Takeaways
WCG launched its first small business podcast and video series to discuss entity formations and considerations.
T...
08
Sep
Deducting Home Office Maintenance
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By
Key Takeaways
Working from home is increasingly common, but it raises tax questions about home office deductions.
Two methods e...
07
Sep
S Corp Transition Pains
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By
Key Takeaways
Electing S corporation taxation for your LLC can reduce self-employment taxes, but the transition comes with challen...
03
Sep
Reasonable Shareholder Salary
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By
Key Takeaways
Electing S Corp status requires all shareholders to pay themselves a reasonable salary to comply with IRS rules.
...
![[page_title]](https://wcginc.com/wp-content/uploads/S-Corp-Section-199A.jpg)
21
Aug
Section 199A Separate Trade or Business
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By
Key Takeaways
The Section 199A deduction allows certain small business owners to deduct up to 20% of qualified business income (QB...
11
Aug
Avoid the Hobby Loss Rules
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By
Key Takeaways
Side hustles can be exciting, but without a documented profit motive, the IRS may classify them as a hobby.
Hobby...
11
Aug
Charitable Donations Revisited
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By
Key Takeaways
Charitable donations can support causes you care about and may provide tax deductions.
To be deductible, donation...
28
May
Why Punish Specified Service Trades or Businesses
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By
Key Takeaways
SSTB Overview: Certain professions like accountants, physicians, attorneys, consultants, and financial advisors are ...
