Gates, Kirby & Company, P.C.

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19 Apr

4 WAYS CORPORATE BUSINESS OWNERS CAN HELP ENSURE COMPENSATION IS “REASONABLE”

Owners of incorporated businesses know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are...

09:00 / Legal / Taxes

07 Aug

A POSSIBLE TAX QUIRK OF BEING A BUSINESS PARTNER

Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in...

09:00 / Legal / Taxes

25 Feb

MULTI-STATE RESIDENT? WATCH OUT FOR DOUBLE TAXATION

Contrary to popular belief, no federal law prohibits multiple states from collecting tax on the same income. This article raises some important points to keep in mind for those who maintain residences in more than one state (or may soon do so). A sidebar looks...

08:00 / Legal / Taxes

4 WAYS CORPORATE BUSINESS OWNERS CAN HELP ENSURE COMPENSATION IS “REASONABLE”

A POSSIBLE TAX QUIRK OF BEING A BUSINESS PARTNER

MULTI-STATE RESIDENT? WATCH OUT FOR DOUBLE TAXATION

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