by Bill Houston | Jan 25, 2023 | Business Entities, Reduce Your Taxes
The S Corp election is the super tool that can both reduce tax liabilities and audit risk at the same time. Successful sole proprietorships and LLC’s can face higher tax rates due to being subject to both the ordinary income tax and the self-employment tax. They also...
by Bill Houston | Aug 25, 2022 | General Tax Info
This is going to be a huge benefit to many filers. For those taxpayers, including individual 1040 returns, partnership (1065) returns and S Corporation (1120S) that: Filed late and paid a penalty or owe a penalty for late filing for the 2019 and/or 2020 tax year,...
by Bill Houston | Jul 27, 2022 | General Tax Info
We typically see Congress extend these kinds of things but in the current environment, that may not happen. So, here are a few of the tax rules that have expired: The 1 year increase in the child tax credit expired at the end of 2021. The credit will...
by Bill Houston | Jan 28, 2022 | Business Deductions
One of the best reasons to start a new business is to be able to move some of your personal expenses under your business umbrella and make them deductible. This is not an article about tax evasion. This is about using the tax code to your advantage to minimize the...
by Bill Houston | Jan 22, 2022 | Business Deductions
Business deductions are just that. They are expenses incurred in the operation of your business. The IRS says they have to be ‘ordinary and necessary’ for your business. The IRS doesn’t define ‘ordinary and necessary’ well but common...
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