Tax Planning

Paycheck Protection Program Tips for Pond Businesses

The Paycheck Protection Program (PPP) has been a godsend for many pond business owners. Both the original draw in April 2020 and the recently announced second draw in January 2021 were aimed at helping small businesses keep workers on the payroll and pay other bills during the pandemic. There was some initial confusion about turning …

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Tax Implications of Disposing of Business Property

It is no surprise that many pond professionals fail to understand the tax ramifications of disposing of business property. Under our current rules, which are often confusing and complex, there are numerous ways to dispose of business assets: selling them, scrapping them, exchanging them for another business asset, or even giving them away, just to …

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Tax Implications of Hiring Independent Contractors

Employers have long preferred to treat workers as independent contractors, reaping payroll tax savings and avoiding any fringe benefits and other expenses associated with employees. By the same token, workers — including the owners of many pond and water feature businesses — could potentially lower their own tax bills by shifting from being an employee …

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Changes in Pass-Through Income Tax: How Do They Effect You?

Pass-through business entities, garden pond professionals operating as partnerships, limited liability companies (LLCs), S corporations and sole proprietorships have long been extremely popular. In fact, one form of pass-through business entity, the S corporation, is currently the most used business entity. LLCs are also frequently chosen for pass-through income purposes. Unfortunately, thanks to the recently …

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Small-Business Tax Tips: Reasonable Compensation

Since 2010, small-business owners have seen a significant uptick in reasonable compensation challenges, as the IRS has increasingly trained its tax examiners to examine payroll tax issues — among them, reasonable compensation. After all, the payment of a salary in excess of what the IRS considers “reasonable,” the payment of personal expenses by the business, …

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