You may know that organizing your business as an S corporation can be a smart move. But did you know that your S corporation can also own a subsidiary corporation known as a QSub? Why would you want to set up a QSub? Because it gives you extra legal protection, yet avoids any tax increases and allows you to file a single S corporation tax return. To find out more, I urge … [Read more...]
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Should an S corporation owner take zero salary?
If you own an S corporation, taking no salary whatsoever can be a smart move or the cause of BIG problems with the IRS. As is so often the case with the IRS, “it all depends.” Do you want to learn the ins and outs of paying zero salary to an S corporation owner? Want to find out what you can do to legally avoid payroll taxes? Don’t miss my new article titled Tax Tips: S … [Read more...]
When to sell your home to your S corporation
Looking for new ways to save money on your tax bill? Consider this… If you’re thinking of converting your primary residence into a rental property, you could be stuck with your old cost basis and have to pay a lot of tax. However, if you sell your home to your S corporation, you’ll have a new, stepped-up basis for depreciation when you rent to a third party through your … [Read more...]
16 ways to boost business vehicle deductions
Are you claiming lower business vehicle deductions than you’re entitled to? The answer may be a definite “Yes!” In fact, lots of taxpayers are paying more than they should. Which is why, in my must-read article, I’ll provide you with sixteen perfectly legal ways to save money on your tax bill. If you are looking for proven ways to increase your business car, SUV, truck, and … [Read more...]
Section 105 deductions for owners of multiple businesses
Do you and/or your spouse own more than one business? If you do, you have to know how to apply the Section 105 medical reimbursement plan discrimination rules. First and foremost, you have to look at all the businesses you own as if they were one business. And that’s just for starters. It’s easy to find out more. All you have to do is read my new article titled Tax … [Read more...]