What’s the Best Entity Structure for a Small Business?

In my last blog, I discussed the different entity structures for a small business.  In this blog, I compare and contrast the Partnership versus the S Corporation.  It is important to evaluate the different options with a full understanding of the advantages and disadvantages.                      
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Avoid IRS Tax Penalties with First Time Abatement

From earliest childhood we value the opportunity to cry ‘do over’ when we make an honest mistake.  Adult life, and in particular our relationship with the IRS, doesn’t usually offer opportunities to ‘do over’.  However, one program does – First Time Abatement.

Home Office Tax Deduction – New rules apply for 2013

Many of us feel we can’t get away from work, even at home.  The question for tax treatment is:  Do our activities qualify for a home office deduction? The requirements for a home office deduction are stringent.  The work area must be exclusively used as either The taxpayer’s principal place of business, or A place
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