Income comes in all different types, and each type is taxed differently. For practice owners who also own the real estate that they operate out of, there is a tax election to group rental and business income to treat it as one type. Typically, people who aren’t real estate professionals are faced with an additional […]
The Tax Cuts and Jobs Act that was passed in 2017, created several sweeping changes to tax law, one of which was the implementation of the Section 199A Deduction. IRC Section 199A allows individuals with pass-through business income to deduct up to 20% of their qualified business income (QBI) from their taxable ordinary income on […]
An S Corporation is a type of business entity that elects to pass corporate income, losses, deductions and credits through their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. We recommend this […]
Having worked closely with hundreds of veterinarian clients and business owners here at Granite Peak Associates, we make a point to provide high quality tailored services to allow you to focus more on the animals, and less on the accounting. With this mission in mind, it is important to highlight weekly business transaction review, along […]
Read More… from Tips On Spotting Errors In Your Internal Financial Statements
The fireworks just went off, Summer is in full swing, which means your children might be headed off to spend some time at a summer camp. There’s no shock that the cost of camp can be a significant expense but the good news: You might be eligible for a tax break for the cost. The […]
Read More… from Don’t Forget the Tax Deduction For Your Kid’s Summer Camps This Year!
Classify the money you put in the business as owner loans, NOT as equity By classifying the funds as loans, you are giving yourself the ability to repay once the business has sufficient cash flow. In addition, all owner loans should be repaid prior to taking compensation. Hold off on taking compensation If possible, it […]
Read More… from Essential Tax Strategies for Year 1 of Operations