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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.

A Refresher On Tax-Related ACA Provisions Affecting Businesses

Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform

Saving Tax With Home-Related Deductions and Exclusions

Currently, home ownership comes with several tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property

Victims of a Disaster, Fire or Theft May be Able to Claim a Casualty Loss Deduction

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2016 federal income tax return.

Who Can — and Who Should — Take the American Opportunity Credit?

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. However, if your income is

Make Sure the IRS Won’t Consider Your Business To Be a “Hobby”

If you run a business “on the side” and derive most of your income from another source (another business you own, employment or investments), you may face a

The Section 1031 Exchange: Why It’s Such a Great Tax Planning Tool

If you’re like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the

2016 IRA Contributions — It’s Not Too Late!

There’s still time for you to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will

When an Elderly Parent Might Qualify as Your Dependent

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers

Filing Deadline Rapidly Approaching for Flow-Through Entities

The federal income tax filing deadline for calendar-year partnerships, C and S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is

When It Comes to Charitable Deductions, All Donations Aren’t Created Equal

As you file your 2016 income tax return and plan your charitable giving for 2017, it’s important to keep in mind the available deduction. It can vary significantly

Tangible Property Safe Harbors Help Maximize Deductions

If your business made repairs to tangible property last year, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016

Can the WOTC Save Tax for Your Business?

Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016