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 theMore…
Tax Planning
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,More…
Carrying Debt Steals Your Profit & Increases Your Taxes
It happened again! A few months ago, you had your annual meeting with your CPA, and you heard the same old story. “You had a great year. Your net profit was $88,000! Now it’s time to pay taxes on it.More…
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 featureMore…
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 businessMore…
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 inMore…