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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.

2019 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines for businesses and other employers during the second quarter of 2019. Keep in mind this list isn’t all-inclusive, so there

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

In addition to businesses being able to deduct vehicle-related expenses, individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce

Will Leasing Equipment or Buying It Be More Tax Efficient for Your Business?

Your decision as to whether you should lease or buy equipment (or other fixed assets) could be affected by recent changes to federal tax laws and accounting rules.

Careful Tax Planning Required for Incentive Stock Options

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. ISOs allow you to buy company stock in the future at

Beware the Ides of March — If You Own a Pass-Through Entity

In addition to Julius Caesar Shakespeare’s words also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes.

The Home Office Deduction: Actual Expenses vs. the Simplified Method

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home

Some of Your Deductions May Be Smaller (or Nonexistent) When You File Your 2018 Tax Return

While the Tax Cuts and Jobs Act (TCJA) expands some tax breaks and reduces most income tax rates, it also limits or eliminates several itemized deductions that have

3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

When you file your 2018 income tax return, in addition to the much-discussed tax rate cuts and reduced itemized deductions, you’ll probably find some big tax law changes

When Are LLC Members Subject to Self-Employment Tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income (after deducting compensation for services in the form of guaranteed payments) aren’t subject to

Why You Shouldn’t Wait to File Your 2018 Income Tax Return

The 2018 income tax return filing season was opened by the IRS on January 28. Even if you typically don’t file until much closer to the April 15

Fundamental Tax Truths for C Corporations

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners.

There’s Still Time to Get Substantiation for 2018 Donations

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what do you