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Couple Doing Taxes Who Qualify for Ohio Small Business Deduction

The Ohio Small Business Deduction

Many Ohio taxpayers each year fail to take advantage of a tax deduction that could save them thousands of dollars. Some may not be aware that they qualify for the deduction. Some who are aware of it may think the filing requirements are too cumbersom… Read More
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Categories: Business Law, Tax Law
Tax Time Mug

Understanding the Qualified Business Income Deduction

The Tax Cuts and Jobs Act (TCJA) has made some significant changes to the Tax Code, one of which is the implementation of the qualified business income (QBI) deduction. This deduction is found in Section 199A of the Tax Code. Although one goal of the… Read More
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Categories: Business Law, Tax Law
Business Tax File Folders

Corporate Tax Rate Changes and Choice of Business Entity

Choosing a business entity — whether a C corporation, S corporation, partnership, limited liability company, or sole proprietorship — is one of the first, and most important choices you will make for your business. The Tax Cuts and Jobs Act (TCJA… Read More
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Categories: Business Law, Tax Law
Woman Small Business Owner Typing on Laptop

Professional Service Company Owners Lose Out Under TCJA

As 2017 drew to a close, President Trump signed his promised tax reform into law. Dubbed the “Tax Cuts and Jobs Act,” (TCJA) it was the most significant and thorough reform to U.S. tax law in more than three decades. Since it took effect… Read More
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Categories: Business Law, Tax Law
Small Business Owners in Their Wood Workshop

How Section 179 Increase and Bonus Depreciation May Help Your Small Business

Business owners know that when they purchase property for business use, such as a delivery truck or machinery for production, they can claim deductions for the purchase of that equipment as a business expense under Section 179 of the United States In… Read More
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Categories: Business Law, Tax Law
Business Succession Planning: Two Men Handing Off Baton

Succession Planning for Professional Practices

For most business owners, their business is a source not only of income but of personal and professional pride. It may represent, aside from raising a family, the most significant achievement of their lifetime. Given the importance of the business in… Read More
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What Is a Succession Plan?

In life and in business, you must plan ahead for the unexpected. A succession plan outlines a clear path for what should happen to your company when you retire or step aside due to illness or a disability. Succession planning involves multiple compon… Read More
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Getting Married Soon? Starting a New Business? A Powerful, Little Known Tool Can Bound Your Risks

Managing risks is part of curating wealth. Whenever you engage in a major life transition, whether you’re tying the knot, starting a new business partnership or engaging in a risky but hopeful philanthropic venture, you want to bound your risk and… Read More
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What If the Government Comes After Your Business and Its Assets? [A Surprising Safety Net]

Your business may be extremely productive and profitable right now, but will you always be in this position? Ideally, yes. However, as a savvy entrepreneur/owner, you know that you cannot predict future risk based on present forecasts. You must expec… Read More
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Enforcing Non-Compete Agreements in Ohio

Gudorf Law Group can assist in writing and reviewing non-compete agreements to ensure business interests are protected. Read More
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