Should you buy an office and rent it to your business? Be careful! If you don’t know what you’re doing you could be engaging in a “self-rental” that limits your loss deductions and taxes your profits. In other words, handle things the wrong way and the IRS can get you coming and going. The good news? There’s a solution, and you’ll find out what it is when you read my new … [Read more...]
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More on how husband & wife businesses can save on taxes
Running a business with your spouse? If the answer is “yes,” some thoughtful tax planning can boost your after-tax profits. Big time! In Part 1, we explained how you can slash taxes by operating your business as a proprietorship and hiring your spouse. In this, my latest article (Part 2), you’ll learn how to achieve tax-favored status so you both can work together and pocket … [Read more...]
Update on the Section 105 medical reimbursement plan
If you’re married, a Section 105 medical reimbursement plan can help keep money in your pocket, not Uncle Sam’s. But you don’t have to be married to get a nice tax break from the IRS. The fact is, unmarried and same-sex couples can also benefit from the proprietorship’s or one-owner C corporation’s health reimbursement plan. Want to find out more? Easy. Just read my new … [Read more...]
How your husband & wife business can save big on taxes
If you’re running your business, along with a spouse, my new article is for you. You see, with a some smart tax planning, you can increase your after-tax profits and keep them where they belong. In your pocket or purse. In this article (Part 1 of 2), we provide valuable information if you’re operating your business as a proprietorship and are the only person who manages and … [Read more...]
How to get big deductions for Long-Term Care insurance
It’s no fun to think about getting sick and needing long-term care insurance. So here’s a happier thought… If you’re in business, you can probably claim a huge tax deduction for long-term care insurance. In fact, you might be able to claim a 100% deduction. And if you’re married, the 100% deduction can include your spouse! With the cost of long-term care skyrocketing, now’s … [Read more...]