Tax Tips


Deadline for Corporations Making the S-Corp Election is Approaching

Existing corporations that are eligible to elect to be treated as an S corporation need to file Form 2553, Election by a Small Business Corporation by March 15.  The income of an S corporation generally is taxed to the shareholders of the corporation rather than to the corporation itself. In order to make the election, the entity needs to meets all of the eligibility…

Filing a Tax Return for a Deceased Person

Managing a deceased loved one’s estate is extremely difficult, especially when a client needs to file their taxes.  Help make your client’s life easier by guiding them through the process by using these common questions as a guide. Who assumes the responsibility of filing a tax return for a deceased person? The executor, or the person in charge of the decedent…

Understanding Tax-Exempt Income

Depending on your client’s unique situation, not all income is subjected to taxation when they file with the Internal Revenue Service (IRS). While only a small percentage of income types are nontaxable, there are some sources that are not subject to any federal or local government taxes. These tax-exempt income sources include the following, which are paid…