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Shamsey Oloko May 1, 2017 Business Expenses, Disabled Access Credit, IRC Section 162, Ordinary and Necessary Expenses

Customer Based Tax Incentives For Businesses

Taking advantage of tax incentives makes good sense for businesses. One reason a business owner should use tax incentives is to help underwrite the cost of maintaining its existing customer base, while continually striving to increase it. Whether a sole…

Shamsey Oloko January 25, 2017 Business Expenses, Corporate Tax, Limited Liability Companies, Ordinary and Necessary Expenses, Partnership Tax, S Corporations, Taxable Income

Tax Treatment of Business Entities Part 1: Introduction

When starting a business enterprise, one of the most significant and important decisions to make is the choice regarding the legal form to use in operating the business. The alternatives include sole proprietorship, partnership, corporation (C corporation), S corporation, and…

Shamsey Oloko January 23, 2017 Self-Employment Tax

Is Income Of An LLC Member Subject To Self-Employment Tax?

Unlike corporations which are treated as separate tax entities, the IRS and the Tax Code treat LLCs as “pass-through” entities. Thus, an LLC or “Limited Liability Company” is a business structure that combines the pass-through taxation of a partnership or…