The Planner

The Planner is CORE Group's blog and a way to help others interested current tax planning and service news.

Small Business Tax Strategies 2021

Small Business Tax Strategies for 2021

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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.

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American Rescue Plan Act of 2021

American Rescue Plan Act of 2021

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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!

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Tax Tips for Small Business Owners Facing Divorce

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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. 

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How to Take Earnings Out of an S Corporation

How to Take Earnings Out of an S Corporation

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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.

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