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S-corp election for HVAC business owners: file Form 2553 in September for a January 1 start, set payroll and salary in the slow season, and skip the March scramble.
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What Local Transportation Costs Can Your Business Deduct?

If you own a small business, you’re likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what

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Worried About an IRS Audit? Prepare in Advance

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be

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Investing in the Future with a 529 Education Plan

You’ve probably heard about qualified tuition programs (also known as 529 plans) if you have children or grandchildren who will be attending college in the future. These plans,

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Year-End Tax Planning Ideas for Individuals

Fall is officially here. So now is a good time to start taking steps that may lower your tax bill for this year and next. One of the

Work-Opportunity-Tax-Credit

Work Opportunity Tax Credit Provides Help to Employers

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware the WOTC is

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Don’t Forget Income Taxes When Planning Your Estate

Many estates no longer need to be concerned with federal estate tax as a result of the current estate tax exemption amount ($12.06 million in 2022),. Before 2011,

q4-2022 tax calendar

2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers for the fourth quarter of 2022. Keep in mind this list isn’t all-inclusive. There may

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Seller-Paid Points: Can Homeowners Deduct Them?

In its latest report, the National Association of Realtors (NAR) announced July 2022 existing home sales were down, but prices were up compared to last year nationwide. “The

Separating-your-business-from-its-real-estate

Separating Your Business from Its Real Estate

Does your business need real estate to operate? Does it hold property and put the title in the name of the business? You may want to rethink this

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Is Your Income High Enough to Owe Two Extra Taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview

Year-end-tax-planning-ideas

Year-End Tax Planning Ideas for Your Small Business

Now that Labor Day is behind us, it’s a good time to think about making moves to help lower your small business taxes for this year and next.

Inflation-Reduction-Act

Inflation Reduction Act Provisions of Interest to Small Businesses

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy, and taxes. There’s been a lot of

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