This guide provides an overview of the essential filing requirements with the Secretary of State for businesses in California, Texas, Florida, Ohio, Pennsylvania, Washington, New York, Georgia, Kansas, and Missouri. Let me know if you want me to add information about your state.
Corporate Tax Filing Requirements: A Practical Breakdown
Navigating federal filing requirements can be daunting for any business owner, especially in the field services industry. Whether you’re managing an HVAC or plumbing company, understanding the specific forms and deadlines for S-Corporations and C-Corporations is crucial for maintaining compliance and avoiding penalties. This comprehensive guide breaks down the essential monthly, quarterly, and annual filings, ensuring your business meets all IRS obligations seamlessly. From payroll tax forms to annual reports, we’ve got you covered with all the information you need to stay organized and focused on growth.
Owner’s Compensation in the Field Service Industry: Salary vs. Draw
Introduction: Navigating Owner Compensation in the Field Service Sector For any business owner in the field service industry—whether you’re overseeing HVAC, plumbing, or electrical services—making informed decisions about your compensation is vital. The choice between an owner’s salary and an owner’s draw is not just a personal decision but one that can significantly impact the […]
A Contractor’s Guide to Certified Payroll
Certified payroll is a specialized form of payroll reporting required for some government-funded projects, particularly in the construction industry.
Understanding Corporate Shareholder Basis and Why You Should Care
As a small business owner, understanding the concept of Shareholder Basis is crucial, especially if your business is structured as an S Corporation or a partnership. Many shareholders have found themselves owing a considerable amount of taxes because they did not understand this concept. Here is everything the average S Corporation business owner needs to know on this important topic.
How to Hire an Accountant and Why You Need One
Key Takeaways In today’s digital age, business owners are often encouraged to manage their accounting and tax issues using various software solutions. However, just as installing Photoshop on your computer doesn’t make you a graphic designer, having accounting software doesn’t turn you into a skilled accountant. While software can follow instructions, an expert accountant brings […]
Payroll Errors: 10 Common Mistakes and How to Fix Them
Key Takeaways Payroll might seem straightforward—pay your employees the correct amount on time. Yet, if you’ve ever managed a business or handled HR tasks, you know payroll errors can pop up unexpectedly, creating headaches for your team and your bottom line. In this article, we’re counting down the most frequent payroll mistakes, from oversights in […]
The Complete Guide to Manual Bookkeeping
How did people do bookkeeping before there was software? Well, they filled out a lot of forms, double and triple entered information, wore out adding machines, spent a huge amount of time preparing reports, and thought carbon paper was awesome. First a Little History Accounting’s history can be traced back thousands of years to the […]
How to Calculate Overtime the Correct Way
Many service companies under pay overtime which creates an ever-increasing financial burden that will catch up to many companies. We all know that we must pay regular time plus 50% when employees work more than forty hours in a work week. Some states require overtime after 8 hours in one twenty-four-hour period. What many […]
Complete Accounting Dictionary to Benefit Your HVAC Company
The following glossary is from our book “Simple Accounting Principles for Small Contractors“. This book is available for purchase at mrhvac.com. It contains the most common HVAC related accounting and bookkeeping terms. Seek additional accounting resources for more comprehensive and detailed information. Please also see our Technician’s Dictionary of Proper Grammar. A Account: A record […]











