The idea of electing S-Corporation status often comes up when business owners start learning about the potential tax savings. While the election can be beneficial in the right circumstances, it is not a default step or a universal upgrade. Deciding whether an S-Corp election makes sense requires advance planning, careful evaluation, and an understanding of how your business actually operates.

This post continues our series on Tax Advisory Services by explaining how an S-Corporation election works, who may benefit, and why this discussion belongs in an tax advisory conversation rather than waiting until it’s time to file.

The year is winding down, which means you have a lot on your plate as a small business owner. From wrapping up projects to preparing for the holiday rush, there's no shortage of items on your to-do list. Even though this is the season of hustle and bustle, it's also an excellent time to take a careful look at your small business finances to make sure you're ready for tax season. With just a few proactive steps before December 31, you can strengthen your financial position and start out next year ahead of the curve.

As a small business owner, you regularly invest in property and equipment to keep your operations running smoothly. From a new computer to a company vehicle, these assets are essential. Depreciation is a fundamental tax deduction that allows your business to recover the cost of these assets as they age. Understanding how to apply this deduction correctly is key to managing your business's finances.