Taxation Archives - Monily

Taxation

June 20, 2024
What is Form 8995-A

What is Form 8995-A? An Advanced Business Owner’s Guide to the QBI Deduction

For business owners looking to maximize their financial efficiency and business gains, their understanding of the tax system and its particulars is vital. One element that […]
June 12, 2024
tax consequences of converting llc to c corporation

Converting from LLC to C Corp: Key Benefits and Tax Implications Explained

When considering a business restructuring, it is critical to understand the tax consequences of converting an LLC to a C corporation. Due to its flexibility, an […]
March 23, 2024
Tax Filing 2023 Deadlines for Small Businesses You Should Know

Tax Filing 2023 Deadlines for Small Businesses You Should Know

“Death and taxes” are the two things Benjamin Franklin promised us would always be certain. However, when it comes to human nature, we can safely add […]
February 19, 2024
Are Team Building Events Tax Deductible?

Are Team Building Events Tax Deductible?

There are various tax deductions and incentives that businesses can take advantage of, that help them reduce their tax liabilities. Some of these tax incentives apply […]
February 12, 2024
Do Client Gifts Qualify as Tax Deductible

Do Client Gifts Qualify as Tax Deductible?

It’s common corporate courtesy to present your clients with gifts every now and then, such as on Christmas or New Years and so on. Buying gifts […]
January 9, 2024
What’s the Difference between 1099-NEC and 1099-MISC

What’s the Difference between 1099-NEC and 1099-MISC? What’s the Deadline to File 1099s?

It’s easier to set up a business and even run it to achieve business goals, but there’s a lot more to running a business than just […]
December 19, 2023
Your Detailed Guide to K-2 and K-3 Tax Forms

Your Detailed Guide to K-2 and K-3 Tax Forms

Tax season can be a disorienting time for many, where you feel like you’re faced with an alphabet soup of forms and numbers. If you’ve heard […]
November 28, 2023
What is Salvage Value, and How to Calculate After-Tax Salvage Value

What is Salvage Value, and How to Calculate After-Tax Salvage Value?

What is Salvage Value?   Salvage value is the remaining book value of something valuable (like a machine or equipment) after it has gone through wear and […]
October 20, 2023

Tax Form 1120 – What It Is, How To File It

During the tax filing season, you must consider various expenses related to your car and business meals. A recent survey by Capital One found that 56% […]