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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.

The Easiest Way to Survive an IRS Audit is to Get Ready in Advance

IRS audit rates are at an historical low, but that’s little consolation if your return is among those selected to be examined. However, with proper preparation and planning,

Why It’s Important to Plan for Income Taxes as Part of Your Estate Plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate taxes. Before 2011,

The Tax Rules for Deducting the Computer Software Costs of Your Business

Does your business buy or lease computer software? Do you develop computer software for use in your business, or for sale or lease to others? If so, you

Can Investors Who Manage Their Own Portfolios Deduct Related Expenses?

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut

Business Website Costs: How to Handle Them for Tax Purposes

Pretty much every business today has a website. However, the IRS has yet to issue formal guidance on when Internet website costs can be deducted. Fortunately, established rules

2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the tax-related deadlines affecting businesses and employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive. There may be

Tax Implications of Working from Home and Collecting Unemployment

COVID-19 has changed our lives in many ways, and some of these changes have tax implications. Here’s some basic information about two common situations. 1. Working from home.

Homebuyers: Can You Deduct Seller-Paid Points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports existing home sales and prices are up nationwide, compared with last year. One of reason is the

Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The

Back-to-School Tax Breaks on the Books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. No matter how your kids are going back

5 Key Points About Bonus Depreciation

You’re probably aware of the 100% bonus depreciation tax break available for a wide range of qualifying property. Here are five important points to be aware of when