Business taxes present a number of opportuniteis and pitfalls. From choice of entity to general business tax credits. From leasing rules to inventory. We help clients navigate these rules and have saved clients millions of dollars in taxes.
In U.S. v. Stewart, No. 15-20596, the Fifth Circuit Court of Appeals concluded that the taxpayer was not entitled to a tax refund that was based on a corrected Schedule K-1 received from a partnership the taxpayer owned. The question on appeal was whether a partnership tax return can be corrected by filing an amended […]
The post Partnership Tax Return Cannot be Corrected by Amended Tax Return appeared first on Houston Tax Attorney: Texas Lawyer.
Sole proprietors and partners who provide services to their partnership business have to pay self-employment taxes on the income they earn from the business. Self-employment taxes include Social Security and Medicare taxes. The owner of the sole proprietorship is then able to deduct one half of this amount in determining his federal income tax liability.… Continue reading Using a Subchapter S Corporation to Reduce Payroll Taxes for a Sole Proprietorship or Partnership?
The Limited Liability Company or LLC is a legal entity formed with the state. Once formed, taxpayers have the ability to determine how the LLC is taxed for Federal income tax purposes. This presents a number of issues that have to be considered for LLC owners. Income Taxes & LLCs The IRS regards a single… Continue reading Taxes & Limited Liability Companies
