Most of what you hear about S-corp "15 percent tax savings" is wrong or oversimplified.

When someone dies owning appreciated assets, like real estate, stocks, or a business, the tax law gives heirs a powerful benefit: stepped-up basis.

Ever tried to drive a screw with a hammer, or tighten a nail with a wrench? Of course not. That's exactly what bad accounting habits look like to us as a CPA firm — painfully obvious. But to many contractors, it's not so apparent. That's why we're calling these "obvious" habits: they're the kind of things that are second nature...