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Lost your job? Here are the tax aspects of an employee termination

Lost your job? Here are the tax aspects of an employee termination

by Donald Bicking Jr. CPA, CTC | Mar 8, 2022 | Individual

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional...
Making withdrawals from your closely held corporation that aren’t taxed as dividends

Making withdrawals from your closely held corporation that aren’t taxed as dividends

by Donald Bicking Jr. CPA, CTC | Feb 16, 2022 | Small Business

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...
The tax implications of owning a corporate aircraft

The tax implications of owning a corporate aircraft

by Donald Bicking Jr. CPA, CTC | Feb 7, 2022 | Small Business

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...
Keeping meticulous records is the key to tax deductions and painless IRS audits

Keeping meticulous records is the key to tax deductions and painless IRS audits

by Donald Bicking Jr. CPA, CTC | Jan 31, 2022 | Small Business

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make...
Entrepreneurs and taxes: How expenses are claimed on tax returns

Entrepreneurs and taxes: How expenses are claimed on tax returns

by Donald Bicking Jr. CPA, CTC | Jan 24, 2022 | Small Business

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take...
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