Here’s good news for S corporation owners… If you take three steps (that we’ll explain), you can deduct all your health insurance premiums! If you don’t follow our advice, you can be in for nasty surprise. Zero tax benefits. Zilch. The bottom line? We’ve got must-read information waiting for you when you read our new article titled Tax Tips: Three Easy Steps to Deducting … [Read more...]
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Don’t let your S corporation cost you valuable business deductions
Do you own an S corporation? Did you buy a 2014 business vehicle in your personal name? If you’re answering “yes,” keep reading because a lot of money is at stake. You see, if you don’t handle things correctly, you could lose huge 2014 business deductions. I’m talking about Section 179 expensing, which allows you to take up to $500,000 worth of deductions, plus bonus … [Read more...]
It’s not too late if you missed the S-corporation election deadline
Did you miss Uncle Sam’s deadline for converting your business to an S corporation? Well, it’s not too late to make the change and there are many reasons why you may want to do so. You see, when you’re running your business as an S corporation you can save thousands of dollars in employment taxes every year. And that’s just for starters! More good news… Even if you missed … [Read more...]
How S corporation owners can slash their tax bills
Goldilocks wanted her porridge “not too hot” and “not too cold.” She wanted it “just right.” In the same way, as an S corporation owner who wants to pay lower payroll taxes, you should set your salary at a level that’s “just right.” In other words, you should pay yourself an amount that’s… LOW enough to save you money on taxes, but… HIGH enough to keep the IRS happy (and … [Read more...]
How to escape payroll taxes on S corp. health insurance
Good news! If you know the tax law… You can pay zero in payroll taxes on the cost of the health insurance fringe benefit — the benefit that your S corporation has to put on your W-2. That’s right. According to IRS Announcement 92-16, you don’t have to pay a penny in payroll taxes in certain situations. What are these situations? How can you use the tax law to keep more … [Read more...]