News

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For Small Businesses: On Converting From a C Corp to an S Corp

April 14, 2022

If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown of four issues to consider when converting from C corporation to S corporation status.

Tax Advice: On the Tax Implications of Selling Mutual Fund Shares

April 5, 2022

Selling mutual fund shares involves many complex factors. Here are the basic rules.

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For Small Businesses: Fully Deduct Business Meals This Year

April 4, 2022

Wining and dining customers and employees can result in tax deductions and for 2022, the write-offs are bigger than usual.

Tax Advice: If You're Not Ready, FIle for an Extension

March 29, 2022

If you can’t file by the April 18 tax deadline, here’s what you should do to avoid steep penalties.

Quarter 2 calendar for 2022 showing April, May, June

For Small Businesses: Q2 Tax Calendar

March 28, 2022

Does this year’s April 18 filing deadline apply to your company? What additional tax deadlines are there for businesses and employers during the second quarter of 2022?

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Infographic: A Tip for Retaining Employees

March 25, 2022

Though the labor market has stabilized since 2021's "Great Resignation," some businesses continue to lose employees and struggle to replace them. You might try to stem this issue by conducting "stay interviews."

Tax Advice: The Rules of Renting Out a Vacation Property

March 25, 2022

A vacation home is more than just a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.

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For Small Businesses: Ways to Accelerate Taxable Income & Defer Deductions

March 21, 2022

The best tax planning actions for your business partially depend on whether you expect federal income tax rates to go up, go down or stay the same in the future. Here are some ideas if you think rates could go up.

Tax Advice: Inheriting? Be Aware of "Income in Respect of a Decedent"

March 15, 2022

For the most part, property you inherit isn’t included in your income for tax purposes. However, certain items may have to be included in your income, although you may also be entitled to a deduction on account of them.

Person working on retirement planning in notebook

For Small Businesses: Establish a Tax-Favored Retirement Plan

March 15, 2022

If you’re a business owner, setting up a retirement plan is easier than you may think. And there’s still time to establish most types of plans for LAST year.

Tax Advice: Lost Your Job? Mind Termination Tax Implications

March 15, 2022

Most people don’t think about taxes if they lose their jobs but there can be tax implications to a layoff or termination. Here are some of the issues that may occur.

Business associates discussing tax planning strategies related to bartering

For Small Businesses: Does Your Business Barter? Things to Know

March 8, 2022

Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. It’s especially popular during tough economic times. But if you trade goods or services, be aware of the tax consequences.

Tax Advice: Still Time to Cut My Tax Bill With an IRA?

March 8, 2022

To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move. And if you qualify, you still have time to contribute to an IRA or SEP and save on your 2021 tax return.

Person working on research on laptop that could qualify for research tax credit

For Small Businesses: On Applying the Research Tax Credit Against Payroll Taxes

February 28, 2022

Does your startup business have little or no income tax liability? You may be eligible for a payroll tax credit election for increasing research activities.

Infographic: Why Your Company Needs an Expense Reimbursement Policy

February 28, 2022

Tax Advice: Ready for the '21 Gift Tax Return Deadline?

February 25, 2022

April 18 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2021 gift tax return this April. (Note: you may want to file one anyway).

Spouse traveling with businessman for business trip

For Small Businesses: Can You Deduct Spouse Costs on a Trip?

February 25, 2022

If you own your own business, the rules for deducting a spouse’s travel costs are very restrictive. Here are the rules.

Tax Advice: Have Substantiation for Charitable Donations in 2021

February 20, 2022

If you’re deducting a charitable contribution on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t yet received a letter for a charitable donation you made in 2021? Here are the rules.

Person working on laptop with tax and financial icons popping out

For Small Businesses: Withdrawing From Your Closely Held Corp at Minimum Tax Cost?

February 20, 2022

Dividends paid out by corporations are taxable to shareholders and can’t be deducted by the corporation. But there might be ways to get cash out of your corporation without dividend treatment. Here are some approaches.

Tax Advice: Why Married Couples File Separate Tax Returns

February 20, 2022

In general, married couples who file jointly save more money on taxes than those who file separate returns. However, there are situations when filing separately is a better option.

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For Small Businesses: Important Tax Aspects of Being a Sole Proprietor

February 8, 2022

Many small businesses operate as sole proprietorships. Here are eight tax issues involved in operating as this entity.

Businessman reviewing business records on the computer

For Small Businesses: Why to Keep Meticulous Records

February 8, 2022

A careful approach to keeping business records can protect your tax deductions and help make an IRS audit much less difficult. Here are two cases to illustrate some of the issues involved.

Tax Advice: The Ins and Outs of IRAs

February 6, 2022

Traditional or Roth IRA? Here are the differences in these retirement savings accounts.

Tax Advice: Tips to Speed Processing & Avoid Hassles This Tax Season

January 27, 2022

Help speed processing and avoid hassles this tax season with these tips.

Hands holding laptop and getting ready to press on screen with words: "START UP", night cityscape in background

For Small Businesses: How Entrepreneurs' Expenses Are Claimed

January 25, 2022

Entrepreneurs be aware: Not all start-up expenses can be deducted on your federal tax return right away. Some may have to be amortized over time.

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