Category: Tax Filing

Should I Itemize?

Should I Itemize?

Although itemizing takes more work than using the standard deduction, it makes sense in many cases. In some cases, you may not have a choice. This blog will help you understand when you do not have a choice and when itemizing is better if you have a choice.  When Itemizing Is Necessary?  Some people are required…
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Reasonable Compensation for S Corporation Officers

Reasonable Compensation for S Corporation Officers

Under IRS rules, S corporation officers are treated as employees for tax purposes. This means that an S corporation must pay reasonable compensation to its officers in exchange for the services they provide instead of simply treating payments as distributions. The IRS closely looks at the compensation paid to S corporation officers and the distributions…
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What to Know About the Tax Treatment of Wages and Salaries

What to Know About the Tax Treatment of Wages and Salaries

If you receive wage income at any point during the calendar year, you will likely need to include it on your federal income tax return. This is true whether you’re an employee of a company that you don’t own, an employee of a corporation that you do own, or a sole proprietor. In most cases,…
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Tax Deadline Delayed 2020

Tax Filing and Payment Deadline Extended to May 17, 202

Tax Filing and Payment Deadline Extended The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from 04/15/2021, to 05/17/2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough…
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