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When to Hire a CPA for Your Plumbing Business And What It Actually Costs

Not sure when your plumbing business needs a CPA, or what it should cost in Texas? Here's the honest breakdown by revenue stage, service level, and what you actually get for the money.

The IRS Can Reclassify S Corporation Distributions As Wages

If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the

Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemized Deductions

Many of the expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI).

Using Independent Contractors? Protect Your Business With These Tips

Many businesses use independent contractors as a way to keep payroll taxes to a minimum and reduce the cost of fringe benefits. But using outside workers may result

What You Need To Know About Estimated Tax Payments

Paying the proper amount of tax by the annual federal income tax filing deadline isn’t enough to avoid interest and penalties; you must also meet requirements for paying

Combining Business and Vacation Travel: What Can You Deduct?

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can

3 Strategies For Tax-smart Giving

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject

Accelerate Depreciation Deductions With A Cost Segregation Study

Business owners could see substantial tax savings faster by conducting cost segregation studies. These studies identify property components and their costs, allowing you to maximize current depreciation deductions

Should You Make A “Charitable IRA Rollover” In 2016?

Last year a break valued by many charitable retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions (

3 Mutual Fund Tax Hazards To Watch Out For

Investing in mutual funds is an easy way to diversify a portfolio. This is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s.

Will Your Business Have A Net Operating Loss? Make The Most Of It

When the deductible expenses of a business exceed its income, a net operating loss (NOL) generally occurs. If you’re planning ahead or filing your income tax return after

To Deduct Business Losses, You May Have To Prove “Material Participation”

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally considered “passive”

Still Time For Homeowners To Save With Green Tax Credits

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the PATH (Protecting Americans from Tax Hikes) Act of 2015. So,