A stylized piggy bank overflowing with coins, symbolizing tax savings through Section 199A.

Unlocking Tax Savings: Your Guide to the Section 199A Deduction (Updated for 2024)

Business Tax, Business Structure, Tax PlanningOctober 29, 20240Comments
As a small business owner, you're constantly striving to improve your financial performance. While focusing on sales and expenses is essential, don't overlook the significant impact of tax planning. The Section 199A deduction, also known as the Qualified Business Income (QBI) deduction, offers a valuable opportunity to reduce your tax liability and enhance your profitability.…

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Multi-Entity Business Structures: Unlocking Flexibility and Tax Efficiency for Your Business

Business Structure, Business TaxOctober 29, 20240Comments
Starting a business often means keeping things straightforward. But as your company grows, you might start wondering if there's a better way to organize it. At XOA TAX, we're here to help you explore how using multiple business entities can offer significant advantages. By carefully selecting the right structure, you can protect your assets, save…

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The Benefits of Forming a Professional Corporation

Business StructureOctober 28, 20240Comments
Building a successful professional career takes dedication, expertise, and a strategic mindset. But are you applying that same strategic thinking to the legal structure protecting your hard-earned assets and your business? At XOA TAX, we believe in proactive planning, and that often includes advising our clients to consider the unique advantages of forming a Professional…

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A scale balancing "Salary" and "Distributions" with "Reasonable Compensation" as the foundation.

Determining Reasonable Shareholder Salary for S Corps in 2024

Business Tax, Business Structure, PayrollOctober 28, 20240Comments
Running an S corporation comes with a unique set of advantages, especially when it comes to minimizing your tax burden. One of the most critical aspects of S Corp taxation involves determining a reasonable salary for yourself as a shareholder. It's a delicate balance – you want to keep your self-employment taxes low, but also…

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A hand holding a magnifying glass over a stylized Form 2553.

S Corp Election: Reducing Self-Employment Tax in 2024

Business Structure, Business TaxOctober 28, 20240Comments
At XOA TAX, we're passionate about helping small business owners like you navigate the complexities of the tax world. One topic that often comes up is the S Corporation election, or S Corp. Many people mistakenly believe an S Corp is a separate type of business. It's not! Think of it as a special tax…

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A graphic illustration of a dollar bill split in two, representing double taxation on corporate profits and dividends.

Understanding Double Taxation for C Corporations in 2024

Business Tax, Business StructureOctober 28, 20240Comments
As a business owner, optimizing your tax strategy is always a top priority. One concept that often causes confusion, especially for C corporations (C corps), is "double taxation." At XOA TAX, we're well-versed in the complexities of the tax code and can guide you through this potentially challenging aspect of business taxation. Let's explore what…

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Collage representing the complexities of taxes for LLC, Partnership, S Corps and C Corps.

Beyond “Just Me, Myself, and I”: Choosing the Right Business Structure for Your Growing Dream

Business Structure, Entrepreneurship, Running A BusinessOctober 28, 20240Comments
So you've taken the leap and turned your passion into a business – that's fantastic! But before you get caught up in the whirlwind of entrepreneurship, let's talk about how choosing the right business structure can impact your taxes, liability, and overall financial health. While being your own boss is incredibly rewarding, it's important to…

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A family tree morphing into a stream of coins, representing tax optimization through a Family Management Company.

Family Management Companies: A Smart Tax Strategy (With Careful Planning!)

Business Structure, Tax PlanningOctober 27, 20240Comments
Running a business and supporting your family? You might be looking for ways to optimize your tax situation. Family Management Companies (FMCs) can be a valuable tool, but it's crucial to understand the nuances before you get started. What is a Family Management Company? An FMC is a separate business entity that provides legitimate services…

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Understanding LLC Licenses and Permits: A Comprehensive Guide

Business Tax, Business Structure, Running A BusinessOctober 9, 20230Comments
This comprehensive guide clarifies the licenses and permits needed to legally operate a Limited Liability Company (LLC), outlining the steps to ensure full compliance at federal, state, and local levels.

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A shield protecting a sole proprietor from legal and tax burdens.

Single-Member LLC: A Smart Choice for Solopreneurs in 2024?

Business Tax, Business StructureOctober 9, 20230Comments
Starting a business is an exciting journey, and choosing the right structure is a crucial first step. For solopreneurs, the single-member LLC (SMLLC) offers a compelling blend of simplicity and protection. But is it the perfect fit for *you*? Let's explore. Why SMLLCs are Popular Imagine this: you're a freelance graphic designer with a thriving…

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