Do you operate your business as a C corporation? Would you like to turn it into an S corporation? If the answer is “yes,” be very careful! You see the IRS’s “built-in-gains” tax keeps a C corporation from wriggling out of double taxation by switching to an S corporation and then instantly selling or liquidating all its assets. If you want to stay in Uncle Sam’s good … [Read more...]
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How to avoid mistakes converting to an S corporation
The corporate tax rules for creating an S corporation look pretty simple. But looks can be deceiving. In fact, the tax code is full of little-known rules that can bite you if you haven’t done your homework. That’s why I suggest you check out my new article which has two purposes… It can help you avoid the potholes that will knock the wheels off your S corporation. (For … [Read more...]
How to escape the corporate-tax “lobster trap”
They say that corporate taxation is a lot like a lobster trap… “Easy to get in. Hard to get out.” If you are snared in a C corporation lobster trap and want out so you can switch to a sole-proprietorship, my new article is for you. You see, the conversion process to a proprietorship can be expensive and may or may not make sense for you. But don’t worry. I’ll give you all … [Read more...]
How to keep your Section 105 plan working in retirement
You may not be working in retirement, but if you know how to play your cards right, your Section 105 medical-reimbursement plan can keep working for you even after you call it quits. What’s the catch? There isn’t any but you have to do some planning. Which is where my new article comes in. It will show you how to make sure your Section 105 plan continues providing tax benefits … [Read more...]
Don’t make this fatal tax-deduction error
Tax deductions are great. But you have to make sure they’re legal. In my new article, I’ll tell you about Dr. Elick who wanted to create fat deductions but made a devastating error that cost him dearly. You see, he created an Employee Stock Ownership Plan (ESOP) to maximize his deductions, and also created a management services corporation to provide services to his … [Read more...]