2,121 plain-English guides on cross-border moves, US and Canadian returns, and small-business money. Each one ends in what to do next, and says when a written Diagnostic is the smarter first step.
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An accountable plan lets an S-Corp reimburse its owner-employee for business expenses (mileage, home office, supplies, travel) tax-free.
Small Business & BookkeepingAn accountable plan allows S-Corp owners to reimburse themselves tax-free for business expenses paid personally (mileage, home office, phone, travel).
Small Business & BookkeepingThe choice between cash and accrual accounting affects when income is recognized, when expenses are deducted, and how much tax you pay each year.
Small Business & BookkeepingMost small businesses ($32 million or less in average gross receipts for 2026) can use the cash method, which is simpler and provides more tax timing control.
Small Business & BookkeepingChanging a business's accounting method (from cash to accrual, changing inventory valuation, adopting or revoking LIFO, changing depreciation methods.
Small Business & BookkeepingCash basis recognizes income when received and expenses when paid. Accrual matches revenue to the period earned. Each method shifts your taxable income.
Small Business & BookkeepingCash vs. accrual accounting affects when income is taxed. Businesses with average gross receipts of $32M or less (2026) can generally choose either method.
Small Business & BookkeepingChanging accounting methods requires IRS approval via Form 3115. The IRC 481(a) adjustment spreads the tax impact of the change over up to 4 years.
Small Business & BookkeepingThe AAA tracks an S-Corp's cumulative net income minus distributions since the S election. Distributions out of AAA are tax-free up to the shareholder's stock basis.
Small Business & BookkeepingC-Corporations that retain earnings beyond reasonable business needs face a 20% accumulated earnings tax on top of regular corporate tax.
Small Business & BookkeepingThe accumulated earnings tax under IRC 531 is a 20% penalty tax imposed on C-Corporations that accumulate earnings beyond the reasonable needs.
Small Business & BookkeepingThe accumulated earnings tax under IRC 531 imposes a 20% penalty tax on C-Corporations that retain earnings beyond the reasonable needs of the business.
Small Business & BookkeepingThe accumulated earnings tax (AET) under IRC 531 to 537 is a 20% tax on C-Corporations that keep earnings beyond the reasonable needs of the business instead of paying dividends.
Tax PlanningThe Additional Medicare Tax (IRC 3101(b)(2)) imposes a 0.9% surtax on wages and self-employment income exceeding $200,000 (single) or $250,000 (MFJ).
Small Business & BookkeepingIRC 461(l) limits the amount of business losses that non-corporate taxpayers can deduct against non-business income to $305,000 (single) or $610,000 (MFJ).
Tax PlanningThe Alternative Minimum Tax (IRC 55-59) is a parallel tax system that ensures higher-income taxpayers pay at least a minimum amount of tax.
Tax PlanningThe Alternative Minimum Tax (AMT) is a parallel tax system under IRC 55-59 that ensures taxpayers with significant deductions, exemptions.
Tax PlanningThe alternative minimum tax (AMT) under IRC 55-59 is a parallel tax system that ensures high-income taxpayers cannot use certain deductions and exclusions.
Small Business & BookkeepingFile Form 1040-X to correct errors on a filed return within 3 years of filing or 2 years of paying the tax, whichever is later.
Small Business & BookkeepingForm 1040-X allows taxpayers to amend previously filed returns within 3 years of the original filing date (or 2 years from the date tax was paid.
Small Business & BookkeepingBusiness owners with seasonal or irregular income can use the annualized installment method (Form 2210 Schedule AI) to calculate estimated tax payments.
Small Business & BookkeepingThe assignment of income doctrine prevents a taxpayer from avoiding taxes by directing income they have earned to another person or entity.
Small Business & BookkeepingThe at-risk rules under IRC 465 limit a taxpayer's deductible losses from a business activity to the amount they have 'at risk' in that activity.
Small Business & BookkeepingThe IRS audits approximately 0.4% of individual returns but targets specific patterns: high Schedule C deductions relative to income.