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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible…
Read MoreIf you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction…
Read MoreOwners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable…
Read Moref you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules.
If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions…
Read MoreAre you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving…
Read MoreEffective January 1, 2020, the Florida sales tax rate for commercial rentals will be reduced from 5.7% to 5.5%. The sales tax applies to the total rent charged for …
Read MoreThe “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions…
Read MoreAt this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability…
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