Navigate the decision between S Corp and LLC in Tennessee with our comprehensive guide. Understand tax implications, pros and cons, and make the right choice for your business.
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Explore 2024 Small Business Taxes in Tennessee and Find out if Franchise, Business, and Excise Taxes Apply to Your Business.
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Discover how to tackle tax season with confidence. Patrick Accounting shares expert tips for business owners on approaching taxes with ease.
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Explore the key differences between S Corp and LLC tax advantages to determine which entity structure offers the best tax benefits for your small business.
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Discover essential year-end tax planning tips for business owners to minimize your 2023 tax bill and prepare for a prosperous 2024. Learn to review finances, optimize deductions, and streamline processes. From maximizing retirement contributions to charitable donations, set yourself up for financial success.
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The 21st-century workspace has dramatically shifted, and with more businesses than ever before operating from the confines of their homes, understanding the tax implications and benefits of home offices is paramount. For business owners and partners, comprehending these benefits can mean significant financial advantages. Here’s a breakdown of what every business owner should know about…
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What keeps you up at night? For most small business owners, it’s taxes. There are many pulls on an owner’s time and attention, but I would venture to guess that income taxes is one of the biggies that need to be better understood by most. Lack of understanding naturally creates anxiety and fear about this…
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In the intricate world of business ownership, one topic that frequently puzzles entrepreneurs is employment taxes. With its complex regulations and financial implications, understanding the ins and outs of employment taxes is paramount to ensure compliance and financial stability. In this article, we will discuss how to navigate these complexities so you can have peace…
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Like a number of our clients, we are a service-based business. Our ability to be profitable is based on our knowledge and technology, but most importantly, is tied to our team or labor costs. Almost all service-based businesses fall into this category. Labor costs are the most critical and highest expenses we incur, and are…
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In 2017, the Tax Cuts and Jobs Act (TCJA) brought significant changes to corporate and individual tax laws, including an Internal Revenue Code Section 168(k) amendment that allowed for a 100% deduction of qualified property placed in service after September 27, 2017. This change was extremely favorable to small businesses because fixed assets qualified for…
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