Love eating out? Don’t Forget to Deduct 100% of Business Meals in 2022
The tax deductibility of some meals and entertainment can be exciting when starting a business, but it varies from situation to situation. The Consolidated Appropriations Act changed how tax-deductible pricey steak dinners are for the 2021 and 2022 tax years. Deduct...
Sell Your Home to Your S Corp?
Sell Your Home to Your S Corp to Convert it into A Rental A couple sells their primary home to their S corporation.Can they rent the house from the S corporation?The strategy behind creating an S corporation and then selling your home to that corporation comes into...
Can you file on time and still owe late payment penalties?
How to Avoid Late Filing and Late Payment Penalties on your Tax Returns? Remember to file even if you can’t pay. You are filing on time and paying as much as possible to keep your interest and late payment penalties at a minimum. If you can’t pay in full,...
Don’t Miss The 09/15 Corporate And Partnership Income Tax Deadline
Failure-to-File Penalties for S Corps and Partnerships Are Costly Generally, tax penalties are assessed based on the amount of tax owed. However, S corporations and partnerships can be assessed “failure-to-file” penalties even if the entity has no taxable...
