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QBID + NIIT: Income Management and Opportunities for Small Business S-Corp Owners
By Tom Bodin, CFA Starting in 2022, there may be two significant income thresholds facing S-Corp business owners: the Qualified Business Income Deduction (QBID) and the proposed Net Investment Income Tax (NIIT) found in the Build Back Better legislation. The challenge, then, is to identify strategies to maintain the tax benefit of the S-Corp entity without limiting business profitability, recognize applicable income thresholds, and apply a toolset to show an effective approach to minimizing taxes given the above thresholds. Tom Bodin To that end, let’s explore some approaches to managing income and engineering modified adjusted gross income (MAGI) for an S-Corp small business owner. Specifically, we’ll look at a Specified…
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Massachusetts small business owners fear income surtax will dent nest eggs
A handful of small business owners from different sectors and from about Massachusetts arrived with each other Thursday to call awareness to how the proposed surtax on cash flow more than $1 million would impact them and to press back again towards the notion of the proposal is anything that would impact only the super-wealthy. “The way this tax is portrayed in the media, it’s like all these prosperous men and women with boats and million-dollar homes and are just owning gobs and gobs of cash to throw all around. But tiny enterprises are not like that,” Ann Sullivan, who owns Metro Machines Corporation in Braintree, explained. “This is our…
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San Diego business owners optimistic about upcoming home kitchen business law
Speaker 1: (00:00) Micro organization dwelling kitchen area functions or Migos could shortly turn into lawful in San Diego county. The county board of supervisors unanimously voted very last 7 days to begin legalizing these house kitchens, which till now have been operating in some thing of a grey zone because being launched a few decades ago, leaving nearby business owners like Rosalyn Johnson who opened Claire’s kitchen area after she was laid off from her task perplexed. Speaker 2: (00:25) It was okay for you to do it. I assumed I bought my business license. I obtained my meals certification. Bought my cell’s allow. I believed that I was…
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There’s a new tax rule for US small business owners. What to make of it? | US small business
A new tax rule will effects millions of small companies in 2022. You can thank a single tiny transform buried in the American Rescue Prepare Act of 2021. Let us suppose you’re a smaller business proprietor or freelancer, and you get paid out from a electronic payment company like PayPal, Venmo, Zelle, Funds Application or any 3rd-occasion settlement service provider that’s accepting credit rating playing cards on your behalf and putting funds into your lender account. If these payments had been for merchandise and companies that you marketed to customers, it was previously up to you to make positive you had been reporting that cash flow on your tax return.…
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Small Business Grants for New and Experienced Owners Now Available
It takes resources to build the skills necessary to run a business. Creating a business plan, training employees, and building a strong foundation all require time, effort, and sometimes money. Luckily, grant programs and contests can help some aspiring entrepreneurs through the startup phase. And there are also opportunities for seasoned business owners looking to move past current challenges. Grants Available for New Small Business Owners Check out these opportunities for small business grants for new owners and a few for more experienced owners, too. Texas Skills for Small Business Employers Training new employees requires resources that many small businesses struggle to afford. However, the Texas Skills for Small Business…
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NYC to provide $100M in grants to small business owners affected by the pandemic in low to moderate income communities
NEW YORK CITY (WABC) — New York City is providing a $100 million grant for small business owners. Mayor Bill de Blasio made the big announcement during a private luncheon on Wednesday. It’s an initiative for low and moderate-income communities that the city has been working on for months. Small Business Services Commissioner Jonnell Doris said the grant is projected to serve 10,000 small businesses and builds on more than $500 million in assistance already provided to businesses during the pandemic. “These businesses are really the backbone of our economy, and not just our economy but the culture of our city, the fabric of our city. These businesses drive who…
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