Latest news with #LLC
Yahoo
2 hours ago
- Business
- Yahoo
Tax saving strategies for small business owners
Choosing the right business structure can significantly impact your tax liability. Small business owners can reduce taxes through deductions, credits and strategic expense timing. Proper documentation and compliance with tax laws prevent costly mistakes. Contributing to retirement plans and using healthcare tax advantages can provide long-term savings. Working with a tax professional can help maximize deductions and credits while ensuring compliance. Taxes create significant financial challenges for small business owners. Without a solid plan, tax liability can reduce profits and limit growth opportunities. A proactive approach to tax planning helps business owners claim deductions, utilize credits and implement legal strategies to lower tax burdens. Learning how to manage taxes effectively can improve cash flow and support long-term success. How a business is taxed depends on its legal structure: Sole proprietors: Report business income on their personal tax returns and pay self-employment taxes. Limited Liability Companies (LLCs): Can be taxed as sole proprietors, partnerships or corporations. S-Corporations (S-Corps): Allow business income to pass through the owners while avoiding corporate taxes. C-Corporations (C-Corps): Pay corporate income tax, but also provide opportunities for tax planning through deductions and reinvestment. Small businesses have several common tax obligations, including income tax, self-employment tax, payroll taxes and sales tax. The Tax Cuts and Jobs Act (TCJA) introduced key benefits for small businesses, including the Qualified Business Income (QBI) deduction, allowing eligible businesses to deduct up to 20% of qualified business income. Some provisions of the legislation, including the QBI deduction and lower corporate tax rates, are set to expire in 2025. Stay informed on these potential changes and adjust your tax strategy to minimize your tax burden. Reducing your tax burden requires strategic planning and smart decision-making. Use the right tax-saving strategies to reduce your tax burden, freeing up funds that you can reinvest in your business. Selecting the right legal structure impacts taxation. Sole proprietorships and LLCs often work for small businesses, but S-Corps can help reduce self-employment tax. Business owners should reassess their structure as income and liabilities grow. Common deductible expenses include rent, utilities, office supplies, marketing and employee salaries. To claim tax deductions, business owners must keep clear records and receipts. Misreporting deductions can lead to audits or penalties. Reduce taxable income by contributing to an SEP IRA, SIMPLE IRA or Solo 401(k) plan. These plans not only lower tax liability but also help build long-term financial security. Hiring a spouse or children can provide tax advantages. Wages paid to children under 18 may be exempt from payroll taxes, and employing a spouse allows for access to retirement benefits. Documentation of work performed is required for compliance. If you use part of your home exclusively for work, you may qualify for a home office deduction. The simplified method calculates deductions based on square footage, while the regular method uses actual expenses like mortgage interest and utilities. Adjust your income and expenses at the right time to reduce taxable income. Make office purchases before year-end to lower the current year's tax burden. Select cash or accrual accounting to control when income and expenses are recognized. Businesses that purchase equipment or software can deduct the full cost under Section 179 instead of depreciating it over time. Bonus depreciation also allows for significant first-year deductions on qualifying purchases. Unlike deductions, tax credits reduce tax liability dollar for dollar. Common credits include the Research and Development Credit, Work Opportunity Tax Credit and Small Employer Health Insurance Credit. Understanding which credits apply to your business can lead to significant tax savings. Small business owners can deduct the cost of health insurance premiums for themselves and employees. Health Savings Accounts (HSAs) provide another tax advantage by allowing pre-tax contributions to cover medical expenses. A tax professional can help you identify the best tax-saving strategies, stay compliant with tax laws and plan for future tax changes. Find an experienced advisor to ensure that all available deductions and credits are utilized. Take action before the year's end to reduce your tax liability. Follow the tips below to take advantage of potential tax savings. Purchase equipment early. Buy necessary equipment before December 31 to claim deductions for the current year. Review estimated tax payments. Review quarterly tax payments to ensure accuracy and avoid underpayment penalties. Maximize retirement contributions. Contribute to retirement accounts before deadlines to reduce your taxable income. Make charitable donations. Donations made by year-end can qualify for tax deductions if properly documented. Organize your financial records. Keeping receipts, invoices and financial statements up to date simplifies tax filing and reduces audit risk. Tax mistakes can be costly and may lead to penalties or missed savings. Here are some of the common tax mistakes to avoid as a small business owner. Underpaying estimated taxes. If you don't pay enough in quarterly estimated taxes, you could face IRS penalties and interest. Missing deductions and credits. Business owners often overlook valuable tax deductions and credits, leaving money on the table. Improper record-keeping. Incomplete or disorganized financial records can make tax filing difficult and increase the likelihood of an audit. Mixing business and personal expenses. Failing to separate personal and business finances can cause accounting issues and complicate deductions. Not updating tax strategies annually. Tax laws change, and failing to adjust your approach each year may result in unnecessary tax burdens. The expiration of the Tax Cuts and Jobs Act in 2025 could impact small business tax rates and deductions. Always plan for potential tax law changes and build flexibility into your tax strategy. Review tax plans annually to stay ahead of policy changes and maximize financial opportunities. Proactive tax planning can help minimize your tax liability and maximize profits. Strategies such as leveraging deductions, choosing the right structure and timing income and expenses can make a big difference. Consult with a tax professional to ensure compliance and take full advantage of available tax-saving opportunities. What tax deductions can small business owners claim? Common deductions include rent, utilities, office supplies, travel expenses, employee wages and health insurance premiums. How can I reduce my self-employment taxes? Structuring your business as an S-Corp may help reduce your self-employment tax liability. Contributing to a retirement plan can also lower taxable income. What is the Section 179 deduction? Section 179 allows businesses to deduct the full cost of qualifying equipment and software purchases rather than depreciating them over time. Sign in to access your portfolio
Business Wire
11 hours ago
- Business
- Business Wire
Coke Florida Announces Leadership Appointments in Jacksonville and Tampa Territories
TAMPA, Fla.--(BUSINESS WIRE)--Coca-Cola Beverages Florida, LLC ('Coke Florida') announces the appointment of Jack Palmorn as the new Territory General Manager for the Jacksonville territory. Palmorn, who began his career in the Coke System over 20 years ago, has held various positions of increasing responsibility, including serving as Territory General Manager in Daytona, Territory General Manager Brevard, and most recently as Territory General Manager for Ft. Myers, one of the fastest-growing areas in Florida. The Jacksonville territory includes manufacturing, sales, and distribution operations that support most of north Florida. Additionally, Teddy Mejeur has been named Territory General Manager for the Tampa territory. Mejeur started his career with the Coke system in 2011 in south Florida, holding several positions in sales leadership, including Area Sales Manager and Sales Director. In 2022 he moved to territory leadership serving as the Territory General Manager for St. Petersburg and Sarasota. Tampa is home to Coke Florida's newly completed automated warehouse operation. Jamaal Medley, Coke Florida's Vice President for Field Franchise Operations shared, 'I have personally worked with Jack and Teddy over the years as they have supported our Coke Florida business. Both are proven leaders with the commitment and dedication that allows us to serve Florida consumers and customers across the state. They will play pivotal roles as we continue to grow our business.' About Coca-Cola Beverages Florida, LLC Coca-Cola Beverages Florida, LLC (Coke Florida) is the sixth largest Coca-Cola bottler in the United States. Coke Florida makes, sells, and distributes products of The Coca-Cola Company in an exclusive territory that covers over 21 million consumers across 47 counties in Florida. The company employs over 5,000 associates and operates four Green Circle Certified manufacturing facilities and eighteen distribution centers. Founded in 2015 and headquartered in Tampa, Coke Florida is one of the largest Black-owned businesses in the United States. In 2025, Coke Florida was recognized as a US Best Managed Company Gold Standard Winner by Deloitte Private and The Wall Street Journal. To learn more, visit
New York Post
11 hours ago
- Health
- New York Post
NY pols probe controversial $9B taxpayer-funded program for home-health-care aides: 'Significant concerns'
State lawmakers are launching a public hearing to probe New York's controversial $9 billion taxpayer-funded program that connects residents with home-health-care aides. State Senate Health Committee Chair Gustavo Rivera (D-Bronx) and state Sen. James Skoufis (D-Hudson Valley) said they will be calling on people to testify about the troubled Consumer Directed Personal Assistance Program, or CDPAP. 4 State Senator James Skoufis announces that the Department of Motor Vehicles will remain in West Haverstraw. Tania Savayan/The Journal News via Imagn Content Services, LLC Advertisement 4 New York State Senator Gustavo Rivera speaking at a podium. Kevin C Downs forThe New York Post The program initially came fire for its alleged rampant abuse and waste involving the under-regulated middlemen companies that were connecting residents with aides as part of the state-funded Medicare initiative. Gov. Kathy Hochul's administration then did away with the private go-betweens — but its awarding of the massive job to one firm in a no-bid contract only created more questions and outcry. Advertisement 'We are going to lay out in clear terms how the transition worked, what didn't work, how it happened and what are the things to learn to make sure that individuals being served by the program continue to be served,' Rivera said. 4 Gov. Kathy Hochul's administration then did away with the private go-betweens Luiz C. Ribeiro for New York Post Rivera said 'fallout is still being felt' from the governor's consolidation move – noting that some workers have not been paid or have left the program, while patients have not been getting the care they need and others have ended back in nursing homes 'or worse.' The program has already come under scrutiny from the feds, who The Post reported earlier this month are probing the governor's selection of Public Partnerships, LLC, as the sole 'fiscal intermediary' for CDPAP. Advertisement Skoufis said how that contact was awarded will be part of the state hearing's scope. 'We do have questions. We do have concerns,' he said. 'I have significant concerns about just how this company was awarded the contract and were they awarded the contract fairly.' 4 Rivera said 'fallout is still being felt' from the governor's consolidation move – noting that some workers have not been paid or have left the program. zinkevych – Hochul administration rep Sam Spokony said in a statement, 'New York State protected home care and prevented a fiscal crisis by putting an end to the waste, fraud and abuse of an old system. Advertisement 'The vast majority of consumers and workers have reported a positive experience with the new statewide fiscal intermediary.' The state lawmakers' hearing on the issue will be held July 9.
Yahoo
18 hours ago
- Business
- Yahoo
Pierce County hotel slated to go from eyesore to ‘vibrant, attainable housing'
An abandoned former hotel in Fife appears to be the latest project for a group of regional investors that has turned several area distressed lodging properties into new, lower-cost apartments. The former Rodeway Inn & Suites, 3100 Pacific Highway E., was acquired by Fife 119 LLC, affiliated with Sage Investment Group of Kirkland in late May. The property was purchased as part of a Pierce County Superior Court receivership case involving the previous owner, an LLC that listed Portland developer Sean Keys of Fortify Holdings (parent company to the Fife hotel LLC) as its governor in its corporate filings with the Washington Secretary of State's Office. Fortify is also in the business of lodging-to-apartments conversion. Sage co-founder Emily Hubbard spoke to The News Tribune about the project Wednesday. 'This site has been on our radar for a couple years,' Hubbard said. 'It got purchased by one of our competitors in 2022. They bought it right around the time that we we were working on our other projects there. But It never seemed to get out of permitting ... just never progressed.' According to the original complaint filed in October 2024 by Freedom REIT of Maryland, the hotel LLC agreed to borrow up to $10.5 million from the lender in May 2022 to finance the purchase and conversion of the site 'into basic efficiency apartments.' The LLC later defaulted on the loan terms, according to the complaint, among other issues. Sage's purchase price for the Fife hotel was $4.25 million. According to court filings, attorneys for the receiver wrote that the site had received multiple offers and that the receiver 'believes that the purchase price and other terms of the (purchase and sale agreement) are the best terms ... for a sale of the property under the current market conditions, and based on the destroyed condition of the property.' The site experienced a fire in December 2023, and a semi-truck crashed into the vacant building a year later. 'So much workforce housing is needed in that area, and so we just felt comfortable buying another project there,' Hubbard said. Sage plans to turn the property into '121 high-quality studio apartments,' according to a recent release, following demolition and filling of the pool to satisfy remediation terms from the City of Fife in its Notice of Violation of the property issued last year. A recent Facebook post on the Sage Investment Group page, showing a short video of the site, stated it was 'thrilled to announce our latest acquisition: Fife 119!' 'At Sage, we're passionate about transforming underutilized and sometimes even burnt-down hotels into vibrant, attainable housing,' the post read. 'We can't wait to roll up our sleeves and begin the work of bringing this building back to life, creating quality homes for future residents.' Sage is perhaps best known for converting older hotel properties along South Hosmer Street, where several blocks had become a hotbed of criminal activity. In August 2024, Sage announced the first units for lease in its conversion of Hotel Thea to Thea Apartments, 7414 S. Hosmer St. The site, which includes amenities such as a pool, held its grand opening in May. The latest property is the group's third acquired in Fife. Affiliated LLCs with Sage purchased 3501 Pacific Highway E. and 3518 Pacific Highway E. in 2022. Those sites are now Pinnacle Apartments and Pinnacle Point Apartments, respectively. Sage noted in its release that the new addition will bring 'the company's total footprint in Fife to 297 units.' As for the latest acquisition, 'The team plans to include a common community area in the lobby, including a shared kitchen, arcade games, seating area, as well as an outdoor community space.' 'We're confident in our ability to get it going,' Hubbard told The News Tribune. 'We've worked with the City of Fife before, and we have a very good understanding of what they expect with conversions.' She added that if all goes well, leasing could perhaps begin mid- to late-summer of next year, but admitted that would be an 'aggressive' timeline. Also they get to start from scratch, unlike other conversions working with existing architecture. For example, Hubbard envisioned a dog park area at the former pool site. 'It's a bigger lift construction-wise, but we can be more creative with this,' she noted of the project, with a time-lapse footage planned to document the process. 'There's a piece of graffiti by somebody who used to smoke meth in the building and wants everybody to know about it,' she added, describing the current setting. 'And I can't wait to see that transform into something else.' Along with its ambitious site conversions area-wide, at least one Sage project in Pierce County faced recent oversight fallout. In early April, The News Tribune reported that a handful of residents had been living in Sage's Melody Apartments in Lakewood despite city staff declaring the units illegal to occupy and necessary repairs still to be made. The building has remained vacant since the tenants moved out in early- to mid-April. City of Lakewood media representative Brynn Grimley told The News Tribune via email on Tuesday, 'We've completed two inspections. There are still a few things that need to be corrected in order for it to pass its rental inspection.' Grimley added, 'The next inspection is scheduled for Wednesday. The hope is this will be the final inspection, allowing it to pass and be ready for renters.' Hubbard told The News Tribune on Wednesday, 'We've been cooperating with the City of Lakewood and working through all that, and we are excited to make sure that everything's up to standards before they all get released to new tenants. 'We've definitely learned some lessons there, and it's never our intention to have any of our tenants in unsafe situations,' she added. Previous reporting by The News Tribune contributed to this report.
Argaam
a day ago
- Business
- Argaam
AICTEC spins off wholesale unit as standalone LLC
Advance International Company for Communication and Information Technology (AICTEC) has completed the spin-off of its wholesale business by converting its branch, Innovation Passage Technology Co., into a wholly owned, single-member limited liability company (LLC), the company said in a statement to Tadawul. The newly established entity will take over all operations and activities related to the wholesale segment, the statement added. The move is part of AICTEC's strategy to restructure its operational segments and sharpen its focus on core business activities. The company noted that the transaction will not have a material impact on its financial statements. It also confirmed that the process has been finalized and commercial registration issued for the new LLC.
