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DukhonTax

Tax Preparation, Accounting, Business Consulting. Bookkeeping

02/06/2026

If you’re considering guaranteeing a loan to your closely held corporation, it’s crucial to understand the tax consequences. Acting as a guarantor, endorser or indemnitor means if the business defaults, you could be responsible for repaying the loan. If the business does default, and you make good on the obligation, the payment of principal or interest generally results in either a business or a nonbusiness bad debt deduction. If it’s a business bad debt it can be totally or partly worthless, and it’s deductible against ordinary income. If it’s a nonbusiness bad debt, it’s deductible as a short-term capital loss (subject to certain limits). Contact us to help ensure the best tax results.

02/04/2026

Launching a new business means making key decisions, including how to set it up for tax purposes. Electing S corporation status can offer major advantages to start-ups. These include avoiding the double taxation faced by C corporations, reducing payroll taxes by dividing shareholder-employee income between salary and distributions, and protecting shareholders’ personal assets from claims against the business. But there are limits on eligibility, compliance requirements are strict, and administrative costs can be high. Let us help you evaluate whether operating as an S corporation would suit your start-up. If it does, we can assist you with filing the election and compliance going forward.

02/02/2026

Artificial intelligence (AI) may help your business streamline operations, improve customer interactions or uncover growth opportunities. However, getting the max benefit calls for a comprehensive strategy. First, identify specific challenges or goals that AI can help you overcome or accomplish. Second, insist on targeted and scalable investments that fit your budget and integrate well with existing software. Third, provide training to help ensure smooth adoption and increase your odds of a solid return on investment. Also, ease employee concerns about job loss or disruption. Last, establish how you’ll measure success and don’t hesitate to make adjustments if necessary. Contact us for help.

01/30/2026

In many industries, digital documents and e-signatures are no longer just a convenience; they’re fast becoming the standard. If your business is still relying on paper documents and manual signatures, now may be the time to take a fresh look at what you might be missing. Using digital documents is generally much faster than traditional hard copies, and it’s a strong safeguard against disaster, theft and mishandling. Naturally, before you implement this technology, you should fully understand the legal ramifications, as well as ensure you have up-to-date and effective cybersecurity measures in place. Contact us for help evaluating the costs and potential return on investment.

01/28/2026

They say age is just a number. But it’s much more than that in tax law. That’s because different tax rules kick in at specific ages. For example, the kiddie tax can potentially apply to an individual until age 24. After age 59½, you can receive distributions from tax-favored retirement accounts without being socked with the 10% early distribution penalty tax. And after reaching 73, you generally must begin taking annual required minimum distributions (RMDs) from tax-favored retirement accounts (traditional IRAs, SEPs, 401(k)s and SIMPLEs) and pay the resulting income tax. If you don’t withdraw at least the RMD amount for the year, you can be assessed a penalty tax. Contact us with questions.

01/26/2026

With health care benefits costs widely anticipated to rise, many business owners may be wondering whether to retool their plans for next year. A good first step is assessing your current costs. Here are five ways to ascertain whether you’re spending wisely: 1) Choose and calculate metrics, such as benefits utilization rate and cost per participant. 2) Audit medical claims payments and pharmacy benefits management services. 3) Review your pharmacy benefits contract. 4) Interact with employees to determine which benefits are truly valued. 5) Get input from professional advisors. To that end, contact us for help performing financial analyses and identifying ways to optimize spending.

01/23/2026

For years, many businesses have at least considered sustainability when running their operations. With the passage of the One, Big, Beautiful Bill Act (OBBBA), however, the federal government has disincentivized businesses from taking certain green measures. For example, the OBBBA permanently eliminates the Section 179D Energy Efficient Commercial Buildings Deduction for buildings or systems on which construction begins after June 30, 2026. Where does this leave your business? It’s up to you and your leadership team whether you want to address sustainability. If it’s something you intend to prioritize, we can help you review your operations and identify cost-effective steps to take.

01/21/2026

One of the critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity. The options include sole proprietorships, partnerships, limited liability companies, S corporations and C corporations. The choice affects how the business is taxed, the level of administrative complexity, legal liability and regulatory compliance obligations. There’s no universal answer to which entity is best. The best choice depends on your goals, ownership structure and financial needs. Tax optimization is critical. For example, an LLC electing S corp status may help minimize self-employment taxes. Contact us. We can help you choose the right structure.

01/19/2026

If your college student is fortunate enough to receive some financial aid, what are the tax implications? It depends. Gift aid, which is money that a student doesn’t have to work for, is often tax-free. There are certain requirements, such as the recipient must be a degree candidate. Gift aid may be called a scholarship, fellowship, grant, tuition discount or tuition reduction. In arrangements that require a student to work in exchange for money, payments are considered compensation from employment and must be reported as income on the student’s federal tax return. However, that doesn’t necessarily mean he or she will owe taxes. Contact us with questions about what’s taxable and what’s not.

01/16/2026

If you own an unincorporated small business, are you fed up with high federal self-employment (SE) taxes? The maximum 15.3% SE tax includes Social Security tax (up to an annual ceiling of $176,100 in 2025) and Medicare tax. To lower SE taxes, consider converting your business into an S corp and then paying yourself (and any other shareholder-employees) a modest salary. Distribute most or all of the remaining corporate cash flow to the shareholder-employee(s) as federal-employment-tax-free distributions. However, this strategy isn’t right for every business. The salary must be reasonable or the IRS could impose back taxes, interest and penalties. Consult with us before making a switch.

01/14/2026

Businesses with multiple owners face serious risks if one of the owners suddenly departs or undergoes a major life change. A buy-sell agreement can guard against these risks, but only if it’s securely funded. One popular funding choice is life insurance. The right policy, sometimes combined with riders or other types of coverage, can help ensure that departing owners or their beneficiaries efficiently receive the agreed-upon price for ownership interests following eligible triggering events. Meanwhile, it can ease the strain on the company’s cash flow and reduce the likelihood that the business will have to sell assets to fund an ownership interest buyout. Contact us for more information.

01/12/2026

Like every business, your company has a brand that may need an occasional refresh to keep up with the times. When re-evaluating yours, first identify the strengths of your business. Maybe you’ve pivoted over the last several years to address changing economic or market conditions. Next, determine what personality will draw today’s buyers to your company. Review points of contact with customers and consider whether you’re making the right impression. Finally, check up on the competition. Identify what branding tactics they’re using and develop countermeasures. Contact us for help evaluating your current and prospective branding strategies from a cost-planning perspective.

Address

380 Washington Street, Suite 2-2
Brighton, MA
02135

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm
Saturday	10am - 4pm

Telephone

+16176510531

Website

http://www.dukhontax.com/

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