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

If you’re a small business owner, you may have received a notice from the Internal Revenue Service (IRS) that says you must file IRS Form 944. Don’t be alarmed if you receive this notice – it’s standard practice for smaller businesses that must report their tax obligations. But what exactly is Form 944, and why does your small business need to file one? Here are some things you should know about Form 944. Learn who needs to file it and read step-by-step instructions to help you file your return accurately and confidently. What is IRS Form 944? If your small business has employees, you must re ..read more

Editor’s Note: The article below was originally published on April 23, 2020. It includes updates from the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act of 2021, approved on Dec. 27, 2020, and updates signed into law on March 11, 2021. The coronavirus pandemic is taking a major toll on American businesses. With nationwide closures and dwindling sales, many businesses have seen devastating effects on their bottom line. Some are forced to change their workforce or, worse, close their doors. Thankfully, in late March 2020, Congress passed the Coronavirus Aid, R ..read more

There are several reasons why you may be interested in real estate investment. Along with diversifying your investment portfolio, investing in real estate can bring you income through appreciation or be a passive income source if you rent out your property. But what does all this mean for your taxes? What about reporting income from real estate? Keep reading as we outline the different types of real estate investments, what to know about real estate taxes, and the tax benefits of real estate investing. What is real estate investment? A real estate investment is real estate that generates incom ..read more

If you’re thinking about starting a business with multiple owners, you have options for how to structure the business. Two of the more popular choices are multimember LLC and partnership. If you’re wondering how LLCs vs Partnerships differ in how they are treated under state business laws and their IRS tax treatment, you’ve come to the right place. Read on to learn the nuances of each of these entity types. State-level differences: multimember LLCs vs partnerships To examine the difference between a multimember LLC and a partnership, we’ll first define each: What is a multimember LLC? A limite ..read more

Quick tip: If you’re a small business owner, mark your calendar after you find out your estimated tax due dates! Did you know federal income tax is a pay-as-you-go system in some cases? In fact, if you are a small business owner, you may need to file quarterly estimated tax payments to avoid a penalty from the Internal Revenue Service (IRS). Read on to learn about specific due dates to pay estimated taxes this year. When are the estimated tax due dates? Even if you’ve made estimated quarterly tax payments in the past, you may still be wondering when the estimated payments are due. If you meet ..read more

Renting your home, apartment, or spare room on Airbnb, VRBO, and other similar platforms is a great way to make extra cash. But before you list your space, it’s important to know your tax responsibilities as a short-term rental host. Keep reading as we outline tax reporting for rental income, answer hosts’ common questions, and share a few hosting tax tips. Do you pay taxes on rental income? If you rent your house, apartment, or spare room for more than 14 days in a year, you may be required to pay taxes on the income you earn. Once you host your space, you are considered a landlord and, there ..read more