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Income Tax

The right entity choice: Should you convert from a C to an S corporation?

Business Income Tax, C Corporations, Deductions, Employees, Income Tax, S Corporations, Shareholder, Small Business, Tax, Tax Planning /

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should […]

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The next estimated tax deadline is January 15 if you have to make a payment

(ATI) Adjusted Taxable Income, 2020 Estimated Tax Payment, Business Income Tax, Deductions, Income Tax, Partnerships, S Corporation, Self Employed, Social Security, Tax, Tax Withholding's /

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 basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you

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Drive more savings to your business with the heavy SUV tax break

Business Deductions, Business Expenses, Deductable Expenses, Depreciation, Depreciation Deduction (Section 179), Equipment, Income Tax, Small Business /

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions. Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the

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Divorcing couples should understand these 4 tax issues

Divorce, Estate Planning, Income Tax, Pension benefit, Tax, Tax Planning, Tax Rules for Selling Your Home /

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and those important tax-related decisions are

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Buying and selling mutual fund shares: Avoid these tax pitfalls

Income Tax, Investment, Mutual Funds, Stocks, Tax, Tax Record Retention /

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales. You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund

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There may be relief from tax liability for “innocent spouses”

Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Tax /

If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due taxes. What’s “joint and several” liability? When a married couple files a joint tax

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The tax rules for deducting the computer software costs of your business

Business Deductions, Business Expenses, Business Technology, Buy vs Lease Business Equipment, Deductions, Depreciation Deduction (Section 179), Income Tax, Leasing, Software /

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software.

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Can investors who manage their own portfolios deduct related expenses?

Business Expenses, Capital Gains, Deductable Expenses, Deductions, Home Office Deduction, Income Tax, Individual Income Tax, Investment, Tax Cuts and Job Acts (TCJA), Trader vs Investor /

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. But they are deductible if they’re considered trade or

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Business website costs: How to handle them for tax purposes

Deductable Expenses, Income Tax, Section 179, Small Business, Tax Deduction, Website Development Tax Deductions /

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to

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2020 Q4 tax calendar: Key deadlines for businesses and other employers

401K, C Corporation, FICA, Income Tax, Retirement, Safe Habor, Simples, Simplified Employee Pension (SEP), Small Business, Tax Calendar /

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Thursday,

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