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The S corp vs C corp taxes comparison is often reduced to one sentence: “S corporations avoid double taxation.” That is true as a general description of federal tax treatment,…

Businesses often use the terms budgeting and forecasting as though they mean the same thing. They are related, but they answer different questions.  A budget describes what the business plans…

Payroll tax withholding is one of the first federal tax responsibilities a business takes on after hiring employees.  Each payday, an employer may need to calculate federal income tax withholding,…

Selling stocks, bonds, cryptocurrency, real estate, or other capital assets can create a tax reporting requirement that is easy to get wrong. IRS Form 8949 is the form taxpayers use…

When customers do not pay invoices on time, your business can show strong sales and still struggle to pay its own bills. The solution is not simply to “chase customers…

If you need to let a CPA, tax preparer, attorney, lender, or another third party access your federal tax information, IRS Form 8821 may be the form you need.  Form…

Donating property to a qualified charity can potentially qualify for a charitable contribution deduction, but noncash donations require more documentation than simply writing down the amount you think the property…

If your business cannot finish its federal tax return by the original due date, IRS Form 7004 can provide an automatic extension of time to file certain business income tax,…