The COVID-19 employee retention credit (ERC) of up to $26,000 per eligible employee applied during calendar years 2020 and 2021. Assuming you can qualify for the ERC but did not apply, how do you get it now? It’s pretty easy. You amend your payroll and income tax returns. The harder part is finding the rules that allow you to qualify. We make that easier with this article.

During 2021, the COVID-19 pandemic forced many self-employed individuals and corporate owner-employees to miss work. To offset this trouble, the federal government provided up to four possible sick and family leave tax credits. If you failed to claim the credits, you still have time to do so.

The COVID-19 pandemic forced many self-employed individuals and small corporate owner-employees to miss work for personal reasons, such as staying home to care for children whose schools or childcare providers were unavailable due to the pandemic. To offset this trouble, the federal government provided sick and family leave tax credits. If you failed to claim the credits until now, you still have time to do so.

If you can qualify to put a Section 105-HRA plan in place for your business, you qualify for some great tax benefits and perhaps even create tax deductions where none existed before. Three types of small businesses can put this plan in place: (1) the Schedule C taxpayer with no employees other than his or her spouse; (2) the Schedule C taxpayer with a buddy Schedule C taxpayer, both of whom create Section 105-HRA plans; and (3) the solo employee-owner of a C corporation.

Do you have a tax-deductible office in your home? Do you have a cleaning lady who cleans not only your home but also your office? If so, is the cleaning lady an independent contractor or a W-2 employee?

Eight states offer tax rebates or credits to residents who purchase or lease electric vehicles. You collect the state rebates or credits in addition to the federal tax credit. In many cases, the state credits are available for electric vehicles that don’t qualify for the federal credit because of strict domestic sourcing rules for batteries.

In this article you’ll find the basic tax results that occur when you shut down your C corporation.

You have options when it comes to your choice of business entity, and your selection determines your tax filing forms. In this overview article, we give you the big picture on those options, filing forms, and also a handy desktop reference.