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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.

Businesses: Get Ready for the New Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report

After You File Your Tax Return: 3 Issues to Consider

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been

Steer Clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it

Some People Are Required to Return Economic Impact Payments That Were Sent Erroneously

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These payments were sent

Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways to Chip Away at Your Bill

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have

What Qualifies as a “Coronavirus-Related Distribution” From a Retirement Plan?

The CARES Act (Coronavirus Aid, Relief and Economic Security) allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you

We’re Moving – New Address Effective 6/29/20

Effective Monday, June 29th, 2020, our office is moving to: 3301 West Freeway, Suite 104 Fort Worth, TX 76107 Our office hours and phone number will remain the

Launching a Business? How to Treat Start-Up Expenses on Your Tax Return

Despite having devastated many existing businesses, the COVID-19 pandemic has also created opportunities for entrepreneurs to launch new businesses. Some businesses, for example, are being launched online to

If You’re Selling Your Home, Don’t Forget About Taxes

Spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in home sales. The National Association of Realtors (NAR)

Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits

If you operate a small business, or plan on starting a new one, you probably know you need to keep records of your income and expenses. In particular,

Seniors: Can You Deduct Medicare Premiums?

If you’re age 65 and older, and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums

Rioting Damage at Your Business? You May be Able to Claim Casualty Loss Deductions

The recent riots around the country have resulted in storefronts, office buildings, and business properties being destroyed. Some of these businesses lost products after looters ransacked their inventory.