One of the most common points of confusion among entrepreneurs is the difference between a C Corporation and an S Corporation. These aren’t separate legal entities — both are corporations under state law — but they differ in how they are taxed under the IRS code. The “S” or “C” designation
At Dresden Tax & Business, we frequently assist entrepreneurs and small business owners in navigating the complexities of forming a Limited Liability Company (LLC). One of the most common questions we encounter is: “Which state should I form my LLC in?” While states like Delaware, Nevada, and Wyoming are often
As a small business owner, understanding and utilizing available tax deductions can significantly reduce your taxable income. Here are 34 deductions to consider for the 2025 tax year: 1. Home Office Deduction: If you use a portion of your home exclusively for business, you may deduct related expenses. 2. Vehicle
Starting a business is an exciting journey — one filled with big decisions. Among the most important early steps is deciding what type of legal structure (also known as a business entity) is right for your company. This choice impacts how you pay taxes, your personal liability, and how you can
🚨START PREPARING NOW! The Tax Cuts and Jobs Act (TCJA) of 2017 introduced several tax provisions set to expire at the end of 2025. Here's what to expect: 1. Individual Tax Rates: Rates may revert to pre-TCJA levels, increasing the top rate from 37% to 39.6%. 2.
Effective tax planning is crucial for small business success. Here are strategies to consider for the 2025 tax year: 1. Review Business Structure: Evaluate if your current structure (e.g., sole proprietorship, LLC, S-Corp) is the most tax-efficient. 2. Maximize Retirement Contributions: Contribute to retirement plans like SEP IRAs or
As the national conversation heats up around the elimination of state income taxes, Ohio is inching closer to making it a reality. The 2025 tax year marks a significant shift in how the Buckeye State is managing individual and business taxes — and if you live or run a business in
Each year, the IRS adjusts the federal income tax brackets to reflect inflation, and 2025 is no exception. While the tax rates themselves haven’t changed, the income thresholds for each bracket have shifted. These changes may not be headline news, but they have real financial implications — from your take-home