2019 is almost here. But there’s still time to act now and save money on your 2018 taxes. My advice? Take a few minutes to review two retirement and four medical tax-reduction strategies that I’ve provided in my new article. Who knows? You may keep thousands of dollars that belong in your pocket. Not in Uncle Sam’s. But remember. The clock is ticking so act now and read … [Read more...]
Corporations
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Can you deduct defunct S corporation expenses?
In many past issues of the Tax Reduction Letter we’ve talked about how to get the greatest tax benefits from your S corporation. But what happens if you decide to close down your business? What then? Can your S corporation deduct business expenses that you paid after you officially dissolved the corporation? We’ll answer this and other important questions when you read … [Read more...]
S corp. health insurance premiums and “reasonable compensation”
If you’re running your business as an S corporation you know you have to pay yourself what the IRS considers to be “reasonable compensation.” But what about your health insurance premiums? If your corporation pays those premiums does it have to change your salary to meet “reasonable compensation” standards? You’ll get straight answers to these important questions when you … [Read more...]
Deductions for defunct S corporation expenses
Let’s say you closed your S corporation in 2016. Let’s also assume that you incurred unexpected expenses from your defunct S corporation in 2017 and 2018. Finally, let’s stipulate that you personally paid for them as the S corporation’s president and sole shareholder. Now comes the big question… Can you deduct those expenses? Now comes the big answer… Nope. You’re out … [Read more...]
Tax reform and the cannabis industry
Thinking about getting into the cannabis business? Then our new article makes must reading. Why? Because we’ll explain how the Tax Cuts and Jobs Act impacts an important decision you’ll have to make… which form of business entity to choose. Want your new business to get off on the right foot and keep Uncle Sam happy? Read my new article titled Q&A: Tax Reform and … [Read more...]