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 […]

Man Calculating Shareholder Basis at His Desk

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.

Asian woman accountant working with computer and calculator for business and financial expense

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 […]

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 […]

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2025 Inventory Techniques for Success

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