In August 2022, the Inflation Reduction Act, a new piece of legislation addressing some of the significant issues the United… The post 2022 Inflation Reduction Act tax credits: What small business owners need to know in 2024 appeared first on Block Advisors ..read more

Working in somebody else’s home as a caregiver or hiring a caregiver to take care of your loved ones can… The post Understanding taxes for home caregivers appeared first on Block Advisors ..read more

If you’re the owner of a Limited Liability Company (LLC) or considering setting up your small business as an LLC,… The post LLC tax return: How does LLC tax filing work? appeared first on Block Advisors ..read more

If you run a business, it’s likely you’ll file a Schedule C tax form (Form 1040) to report your business… The post Schedule C: Who Should File It and How appeared first on Block Advisors ..read more

If you ever earn supplemental income from a rental property, royalty, or pass-through business entity, you will want to know… The post Schedule E (Form 1040): Reporting supplemental income and loss appeared first on Block Advisors ..read more

As a small business owner, you may wonder how to save money at tax time. One way is through tax deductions, and the other is by taking advantage of tax credits for small businesses. (A quick reminder! Tax deductions reduce your taxable income, whereas tax credits are dollar-for-dollar reductions of the income tax you owe). So, if you claimed several small business tax credits, this is where Form 3800 comes into play. You must submit Form 3800, General Business Credit, alongside your tax return to the Internal Revenue Service (IRS). Keep reading to learn more about this important tax form, incl ..read more

A small business owner’s life has unique rewards and challenges. Tax filing season falls in the second category for many entrepreneurs. But Block Advisors by H&R Block has made it our mission to make filing small business taxes as stress-free as possible. This is why we offer many ways to complete your small business tax prep. Keep reading to learn your different options when you are ready to do your small business taxes at Block Advisors. Ways to file taxes: File with a small business-certified tax professional Our human expertise and care are core values at Block Advisors. When you do yo ..read more

As a business owner, April 15 isn’t the only tax deadline you should have on your calendar. The business tax due dates you need to pay attention to depend on your earnings and business structure – especially if your business is an S Corporation, a partnership, or an LLC taxed as a partnership or electing S Corp taxation. For this post, we will focus solely on S Corp taxes. However, keep in mind that the S Corp tax deadline also aligns with the partnership tax filing due date. So, when are S Corp taxes due? Keep reading to learn the important S Corp tax return deadline. (Not an S Corp or partne ..read more

In 2023, the Internal Revenue Service (IRS) provided additional guidance regarding the 45L tax credit – a new home energy-efficiency tax credit – in the Inflation Reduction Act of 2022 (IRA). The legislation expanded and extended the existing energy credit for taxes, which initially came into effect in 2006. until 2032. Now, eligible home contractors, builders, and developers who construct or reconstruct qualified new energy-efficient homes may secure a valuable feature of the 45L tax credit. The 45L energy tax credit helps offset the cost of energy-efficient home improvement and developm ..read more

If you currently employ a household employee or are considering hiring one, keep reading. You should know that, for tax purposes, the process is different from hiring regular employees. You’ll be responsible for paying and reporting employment taxes as a household employer. This includes filing a Schedule H with your federal tax return. So, what is Schedule H, and how do you determine if you need to file one? What is Schedule H? Schedule H is titled “Household Employment Taxes.” It is a tax form used by household employers. Eligible taxpayers must file it to report household employment taxes t ..read more