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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.

Many Tax Amounts Affecting Businesses Have Increased for 2021

A number of tax-related limits affecting businesses are annually indexed for inflation, and many have of these have increased for 2021. Some stayed the same due to low

The Power of the Tax Credit for Buying an Electric Vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re popularity continues to increase. And if you buy one, you may

The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

The optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile this year.

Don’t Forget to Take Required Minimum Distributions This Year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age

The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1,

PPP Loans Have Reopened: Let’s Review the Tax Consequences

The Small Business Administration (SBA) announced the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during

One Reason to File Your 2020 Tax Return Early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new

Educate Yourself About the Revised Tax Benefits for Higher Education

Attending college is one of the biggest investments parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of

Can Your Business Benefit From the Enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit

The COVID-19 Relief Law: What’s In It For You?

The new COVID-19 relief law was signed on December 27, 2020, and contains a multitude of provisions that may affect you. Here are some of the highlights of

New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks

Prevent and Detect Insider Cyberattacks

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization. He then used stolen customer lists to start his own mortgage business. The