Do you use your home for business, inventory, office, or client service? This post is for you to avoid tax deduction issues and IRS problems in the future!

What one record receives special attention? What one record can create a nightmare for you? What one record makes the IRS suspect that you are the keeper of lousy records? Think of the record people most hate keeping. That’s the one we are talking about. You have probably guessed what that record might be.

Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty.

The hugely popular federal Payroll Protection Program (PPP) loan program that paid forgivable loans to millions of businesses ended on August 8 (although it could come back in revised form). But you can still obtain a low-interest Emergency Income Disaster Loan (EIDL) of up to $150,000 from the Small Business Administration (SBA).

Are you looking to open a U.S. company? Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities.