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Scrupulous records and legitimate business expenses are the key to less painful IRS audits | tax accountant in hunt valley md | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Scrupulous records and legitimate business expenses are the key to less painful IRS audits

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should…
Coordinating Sec. 179 tax deductions with bonus depreciation | cpa in baltimore county md | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help…
Maximize the QBI deduction before it’s gone | tax accountant in cecil county md | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So…
Tax-wise ways to take cash from your corporation while avoiding dividend treatment | tax accountants in alexandria | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Tax-wise ways to take cash from your corporation while avoiding dividend treatment

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However,…
9 tax considerations if you’re starting a business as a sole proprietor | tax accountants in washington dc | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

9 tax considerations if you’re starting a business as a sole proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship,…
Independent contractor vs. employee status: The DOL issues new final rule | cpa in bel air md | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Independent contractor vs. employee status: The DOL issues new final rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee…

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wcscpas Weyrich Cronin Sorra @wcscpas ·
16 May

"But the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of determining RMDs from such accounts in 2025." https://bit.ly/3UgSr9t

wcscpas Weyrich Cronin Sorra @wcscpas ·
14 May

"If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept." https://bit.ly/3VXkw84