It’s a fact. The Tax Cuts and Jobs Act (TCJA) made the C corporation a lot more attractive than in the past. Why? Because the TCJA created a flat 21% federal income tax rate. That’s a heck of a lot better than paying the 37% maximum federal income-tax rate for individual taxpayers. And there are other reasons for favoring the C corporation. However… we’re writing … [Read more...]
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Beat the Unfair $10,000 SALT Cap with a C Corporation
Do run a profitable S corporation? Then you know that before the Tax Cuts and Jobs Act (TCJA) became law, you could deduct foreign, state, and local taxes (SALT) on your Form 1040 Schedule A without limit! Well, the TCJA changed all that. Now, it caps those deductions at $10,000. What can you do to avoid some of this government picking your pocket with the TCJA? Well, … [Read more...]
Should You Operate Your Business as a Partnership (or an LLC Taxed as a Partnership)?
What form of business makes the most sense for you? A general partnership? A multi-member LLC taxed as a partnership? An S corporation? A C Corporation? In this article posted with the Tax Reduction Letter you will get a close look at multi-member LLCs treated as partnerships for tax purchases. Why? Because the multi-member LLC option will almost always be the … [Read more...]
Dynamex Causing Incorrect W-2 Classifications for Independent Contractors
The California Supreme Court made an important ruling in the Dynamex case. The court’s decision means that you could inadvertently improperly reclassify your independent contractors and make them suffer needlessly. The Dynamex decision and subsequent new California law causes trouble not only in California but throughout the country. If you have independent contractors … [Read more...]
Capture Your 199A Tax Deduction
Get your 94-page FREE eBook right now. (It normally sells for $129!) “A Practical Guideto the Section 199A Deduction” How to put the powerof this fabulous deduction to work for YOU! (Yours FREE as a “thank you” gift) Dear Business Owner in Search Of A Huge Deduction: I’m writing to tell you that you may be eligible for a deduction of up to 20% of … [Read more...]