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Why September Is The Right Time for HVAC Owners To Submit Form 2553

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.

Providing a Company Car? Here’s How Taxes Are Handled

Providing a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as

How Are Court Awards and Out-of-Court Settlements Taxed?

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination, or harassment.

The Tax Implications of Owning a Corporate Aircraft

If you do a lot of business travel and your business is successful enough, you may have considered buying a corporate aircraft. If so, you should be aware

With Year-End Approaching, 3 Ideas that May Help Cut Your Tax Bill

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your 2021 tax liability. Here are three

New Digital Asset Reporting Requirements Will Be Imposed in Coming Years

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset

Small Businesses: There Still May Be Time to Cut Your 2021 Taxes

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase

Infrastructure Law Sunsets Employee Retention Credit Early

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled

Remember to Use up Your Flexible Spending Account Money

Do you have a tax-saving flexible spending account (FSA) with your employer to help you pay for health care expenses? There are some rules and reminders to keep

Businesses Can Show Appreciation and Gain Tax Breaks with Holiday Gifts and Parties

At this time of year, your business may want to show gratitude to employees and customers by giving gifts or hosting holiday parties again after a year of

Many Factors are Involved When Choosing a Business Entity

Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you —

Feeling Generous at Year End? Strategies for Donating to Charity or Gifting to Loved Ones

As the holidays approach, many people plan to donate to their favorite charities or give money or assets to loved ones. Here are the basic tax rules involved

Would You Like to Establish a Health Savings Account for Your Small Business?

With the cost of employee health care benefits on the rise, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account