If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the… Read More »4 ways corporate business owners can help ensure their compensation is “reasonable”

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an… Read More »There’s a favorable “stepped-up basis” if you inherit property

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic… Read More »Take advantage of the rehabilitation tax credit when altering or adding to business space

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the… Read More »Paperwork you can toss after filing your tax return

The federal fuel tax credit recently made the news when it was referenced on the IRS’s most recent “Dirty Dozen” list of tax scams. However, the false fuel-tax-credit scam involves dishonest third parties telling individuals… Read More »Your construction company may be able to claim the fuel tax credit

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take… Read More »Retirement saving options for your small business: Keep it simple

If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic… Read More »The tax rules for donating artwork to charity

Construction companies continue to find themselves embroiled in a protracted battle for skilled labor. One fundamental way to recruit the best talent and retain valued employees is by offering competitive compensation and benefits. Let’s focus… Read More »Beefing up benefits may save tax dollars for construction businesses

Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save… Read More »The tax advantages of hiring your child this summer

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more… Read More »Some taxpayers qualify for more favorable “head of household” tax filing status

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the… Read More »Choosing an entity for your business? How about an S corporation?

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last… Read More »Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return