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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.

Uncle Sam May Provide Relief from College Costs on Your Tax Return

We all know college is expensive. The latest figures from the College Board show the average annual cost of tuition and fees was $10,230 for in-state students at

Getting a Divorce? There Are Tax Issues You Need to Understand

In addition to the difficult personal issues that divorce entails, there are several tax concerns that need to be addressed to ensure taxes are kept to a minimum

2019 Q4 tax calendar: Key deadlines for businesses and other employers

For businesses, fall means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2019 filing deadlines. Here are some of the

The Key to Retirement Security Is Picking the Right Plan for Your Business

If you’re a small business owner or involved in a start-up business, you may want to set up a tax-favored retirement plan for yourself and any employees you

Expenses That Teachers Can and Can’t Deduct on Their Tax Returns

As teachers head back for a new school year, they often pay for various expenses that aren’t reimbursed. Fortunately, they may be able to deduct them on their

The next estimated tax deadline is Sept. 16: Do you have to make a payment?

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly

Taking Distributions From Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan

Should You Elect S Corporation Status?

Operating a business as an S corporation may provide several advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people

What To Do If Your Business Receives a “No-Match” Letter

Many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA) in the past few months. The purpose of these letters is to alert

“Innocent Spouses” May Get Relief From Tax Liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. This

The IRS Is Targeting Business Transactions In Bitcoin and Other Virtual Currencies

Bitcoin and other forms of virtual currency (aka cryptocurrency) are gaining popularity. However, many businesses, consumers, employees, and investors are still confused about how they work and how

The “Kiddie Tax” Hurts Families More Than Ever

Years ago, Congress enacted the “kiddie tax” to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets.