An S corporation can provide tax advantages over a C corporation in certain circumstances. Do you expect the business will incur losses in its early years?

You might claim a lower deduction for vehicle-related expenses for 2021. This is the second year in a row that the cents-per-mile rate has decreased.

In late January, the IRS updated Notice 2020-65. The update reflects the changed tax deferral rules contained in the Consolidated Appropriations Act (CAA).

Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit. This credit is called the saver's credit.