Business entertainment expenses are gone. No more tax deduction for golfing under the new law. Let's look at the old laws, new laws, and what you can still deduct.
Early exercising your Nonstatutory Stock Options (NSOs) could be a great tax planning idea. However, there are a five questions to ask before early exercising:
An 83(b) election is where you elect to include in gross income in the current year the excess (if any) of the fair market value of the shares as of the election date over the exercise price, before the shares have vested.
Read: 5 Questions to Ask Before You Early Exercise NSOs
To help clear up the issue, I am providing a brief overview of the taxation of Nonqualified Stock Options (NSOs), one of the most common forms of equity compensation I see in practice.
To elaborate, an R&D tax credit audit is an examination of compliance with the relevant R&D tax credit legislation, and it consists of a thorough review of the claim from both a scientific/technological and a financial/tax technical perspective.
We recommend all our businesses to file for their Federal tax identification number (FEIN). Get your FEIN immediately, online, and for free with the IRS. The FEIN is a nine-digit number assigned by the IRS to identify the tax accounts of employers and business entities.
Even though we recommend all of our businesses to get a FEIN, there are times they are absolutely required (e.g., LLC goes from 1 owner to 2) and times when they are not (e.g., business location changes). Keep reading to determine if you need a FEIN for your sole proprietorship, corporation, partnership, or LLC.
CPA + Partner at Why Blu