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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.

Is an LLC the Right Choice for Your Small Business?

Maybe you are launching a new business and want to know your options for setting it up. Or, perhaps you operate your small business as a sole proprietorship

You May Have Loads of Student Debt, but It May Be Hard to Deduct the Interest

More than 43 million students are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may

The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Do you play a major role in a closely held corporation and sometimes spend your personal money on corporate expenses? These costs may wind up being nondeductible both

There’s Currently a “Stepped-Up Basis” If You Inherit Property — but Will It Last?

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current

Getting a New Business Off the Ground: How Start-Up Expenses Are Handled on Your Tax Return

Government officials are seeing a large increase in the number of new businesses being launched, despite the COVID-19 pandemic. From June 2020 through June 2021, the U.S. Census

Who In a Small Business Can Be Hit with the “Trust Fund Recovery Penalty?”

There’s a harsh tax penalty you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery

10 Facts About the Pass-Through Deduction for Qualified Business Income

Are you eligible for the qualified business income (QBI) deduction? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction, or

IRS Audits May Be Increasing, so Be Prepared

The IRS has released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined compared to prior years. But even though a small

Eligible Businesses: Claim the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA) in March of 2021. Here’s

Are You a Nonworking Spouse? You May Still Be Able to Contribute to an IRA

Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home if for example they need

Seniors May be Able to Write Off Medicare Premiums on Their Tax Returns

Are you age 65 and older with basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can

Traveling for Business Again? What Can You Deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting