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end of year, Inventory

If you have a retail or manufacturing business, or any business with stock items, a significant amount of your working capital is tied up in inventory. But in order to account for that inventory, a physical count of raw materials, work-in-progress and finished goods is essential at year-end.

c-corp, passive income, s-corp

Last week we discussed the built-in gains tax when converting from a C corporation into an S corporation. Just as many companies overlook the built-in gains tax, you must also careful not to ignore the tax implications of any earnings and profits accumulated before the conversion.

built in gains tax, c-corp, s-corp

Considering converting your C corporation to an S corporation? You’ll want to understand and be aware of the built-in gains tax.

end of year planning, expenses, income, loss

Small business owners who engage in proactive planning can take some of the “bite” out of their taxes. Here are some simple strategies for you to consider that require action before the year’s end.

deductible, Losses, participation

Not all losses from S corporations, partnerships or LLCs are deductible.  Losses are subject to basis and material participation tests.

Alternative Energy, Business Energry Credit

With alternative energy options booming, many businesses are considering utilizing solar energy to mitigate costs. It’s a viable option made even more attractive by a federal income tax benefit known as the business energy credit. Here’s how you can benefit.