Tax Planning for Small Businesses - Tax Staff Essentials - Society of Louisiana Certified Public Accountants

Overview

Modern planning ideas and tax-saving strategies to help guide your small business clients.

The tax life of a business

Selecting a business entity type

Section 199A and the qualified business income deduction

Accounting methods

Compensation of owners and hiring family members

Reasonable compensation

Depreciation, including Section 179 and bonus depreciation

Transactions with owners

Buy-sell and noncompete agreements

Retirement plan strategies for late-stage business owners

Starter 401(k) plans and SIMPLE plan enhancements

Provisions of H.R. 1, commonly referred to as OBBBA

Working knowledge of business taxation

Tax professionals with small-business clients

Identify important tax considerations for the small business at each stage of its life.
Differentiate the advantages available for small businesses based on entity type.
Interpret the rules for deducting organizational and startup costs.
Apply the four tiers of business losses for noncorporate taxpayers.
Analyze which activities of a taxpayer are subject to self-employment taxes.
Determine the tax implications of loans to and from owners of a business.
Identify the benefits and structures of buy-sell agreements for small business owners.
Identify the advantages of different retirement plans available to small businesses.