WHAT IS AN S CORP? Also known as an S subchapter, it is a type of corporation that elects to pass-through corporate income, losses, deductions, and credits to their shareholders without paying any federal corporate tax. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed… Continue reading S Corporation: A Good Idea?
Almost any type of asset you own whether for investment (like a stock, bond, or real estate) or for personal use is a CAPITAL ASSET. On the other hand, a CAPITAL GAIN is the increase in a capital asset’s value and is only realized when you sell the capital asset. The Internal Revenue Service (IRS) taxes individuals… Continue reading For Sale: Real Estate Capital Gains
Before you file and pay that income tax, first take a look at how to get a federal energy tax credit! What’s a tax credit? – If you didn’t already know, a tax credit lowers the amount of tax that you have to pay. It is not a deduction or an exemption which reduces your… Continue reading Home Office: Energy Tax Credit
Estimated Taxes Due on June 15, 2022
Individuals, including freelancers, sole proprietors, self-employed, independent contractors, solopreneuers, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.