The Planner

Small Business Tax Strategies 2021

Small Business Tax Strategies for 2021

Image of Christian Brim
Christian Brim

2020 brought a lot of unique challenges to entrepreneurs, and 2021 is shaping up for a wild ride as well.  It is easy to miss tax planning when you're trying to keep your proverbial head above water.  I've created a quick check list of the most impactful small business tax strategies for 2021.

Read more
PPP Loan

Paycheck Protection Program Continues in Consolidated Appropriations Act, 2021

Image of Christian Brim
Christian Brim

To answer your question, no Congress is not done.   In the wee hours of December 21st, they passed the Consolidated Appropriations Act 2021 and included an extension of the popular Paycheck Protection Program (PPP) for 2021.  The Small Business Administration has 10 days to issue regulations, and as in the CARES Act, expect the SBA to have several revisions.

Read more

Benefits and Disadvantages of a Single Member LLC

Image of Core Group
Core Group

Are you thinking about becoming a single-member LLC

Read more

New Loss Rules Surprise Businesses

Image of Christian Brim
Christian Brim

The recent tax law changes changed the treatment of business losses for most Oklahoma small businesses.

Read more

2021 Business Tax Filing Deadlines & Due Dates

Image of Christian Brim
Christian Brim

When are business taxes due in 2021?

Read more

Who Is Responsible for Filing and Paying a Deceased Person's Taxes?

Image of Core Group
Core Group

 

Read more

American Rescue Plan Act of 2021

Image of Christian Brim
Christian Brim

Congress is keeping the printing presses rolling. This is a summary of the American Rescue Plan Act of 2021 (Act) and its impact on small business owners. We will update with more detail after the IRS has had a chance to promulgate their rules, so stay tuned!

Read more

Tax Tips for Small Business Owners Facing Divorce

Image of Core Group
Core Group

We will not mince words here: getting divorced can be a long, drawn-out, and complicated process — both personally and professionally. But since we are not therapists, we will be focusing on how to handle your taxes when both parties have a stake in a small business. Keep reading for advice on future tax implications, retirement accounts, and more from our experts at Core Group. 

Read more

How to File Taxes Without a 1099

Image of Christian Brim
Christian Brim

1099’s are the forgotten form of small businesses. The IRS uses 1099’s to collect information from various sources to help them with compliance, read make sure you file all of your income.

Read more

How to Take Earnings Out of an S Corporation

Image of Christian Brim
Christian Brim

How is your business taxed?

Many business owners assume that if they have set up a corporation or an LLC that they can automatically be treated as an S-Corporation. Fake news! Any newly created legal entity (e.g. corporation, LLC) can be elected to be taxed as an S-Corporation, but it requires filing the request with the IRS. Failure to do so will default to the tax type normally associated with the type of entity. For a corporation the IRS could default to taxing you as a C-Corporation, for an LLC, the default is to be taxed as a partnership.

Read more