Setting up a partnership is a lot like getting married. It's exciting, full of promise, and if you do it right, it can be incredibly rewarding. Do it wrong, and you're setting yourself up for years of headaches and potentially significant financial loss. The decisions you make at the formation stage of your partnership will impact your tax situation for years to come, and in some cases, these decisions can be difficult or costly to undo later. In this article, we'll explore the critical steps in setting up a partnership and the tax implications of various contribution strategies. You'll learn how to establish a foundation that maximizes tax advantages from day one.
The Tips Deduction and the Self-Employed: Potholes Everywhere
Jason Dinesen, CPA
By now, tax professionals and taxpayers are familiar with the fact that the One Big Beautiful Bill (OBBBA) created a new tax deduction for tips received. What we want to look at in this article is — how do self-employed taxpayers handle this deduction?
