Tax Corner I Blog

Business workplace with laptop sharing information about Beneficial Business Information in the Corporate Transparency Act

Beneficial Ownership Information under the Corporate Transparency Act: Compliance Essentials for Businesses

As a business owner, you should be aware of the transparency requirements set forth by the Corporate Transparency Act (CTA). This piece of legislation mandates that certain companies submit beneficial ownership information, ensuring a greater level of transparency in business dealings. The goal of this legislation is ultimately to detect illict activities such as money

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Business Team have Meeting regarding S Corp Owner W2 or 1099

S Corp Owner W2 or 1099: Decoding Tax Filing Requirements

When you operate a business as an S Corporation (S Corp), understanding how to properly compensate yourself, as both a shareholder and an employee, is essential for tax compliance and optimizing your tax situation. The Internal Revenue Service (IRS) requires that any shareholder who provides services to the S Corp must receive reasonable compensation in

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What is Deferred Revenue: Understanding Future Financial Obligations

It can be overwhelming to be confronted with all the jargon, such as deferred revenue, surrounding your finances- especially when not clearly understanding them can have a significant impact on something as important as your taxes. One such term is deferred revenue, also known as unearned revenue, which plays a significant role in the world

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How Many 401(k)s Can You Have: Understanding Your Retirement Options

When doing retirement planning, understanding the ins-and-outs of 401(k) accounts is crucial. You may find yourself in a position where you can contribute to multiple 401(k) plans, especially if you’re juggling employment at different companies or you have a side business. It’s important to know that while you can have more than one 401(k), there

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5 Frequently Asked Tax Questions: How Many 401k Can You Have? Insight on Rental Income, Bonuses, Car Purchases, and Virginia Taxes

When you sit down to navigate your personal finances, the tax implications of different decisions, and the long-term impacts of certain financial decisions, it can sometimes feel very overwhelming. You may have questions that are very specific to your situation, but understanding key aspects of your finances can empower you to make informed decisions.  When

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Child Tax Credit Bill: Understanding the Latest Changes and Implications

Understanding changes to tax law is crucial for optimizing your financial well-being. The Child Tax Credit, a key component of tax relief for American families, underwent significant updates with the Tax Relief for American Families and Workers Act of 2024. If you have qualifying children under the age of 17, these changes potentially affect your

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