Because of tax reform, I’ve got three important questions for you: Do you currently file your taxes as… A Schedule C taxpayer because you receive 1099s? A Single-member LLC? A proprietorship? If you do fall into one of these categories, you can qualify for a new tax deduction equal to 20% of your qualified business income under new tax code Section 199A but only … [Read more...]
Corporations
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Don’t Make This S Corporation Mistake
Ronnie Craft learned an expensive lesson. You see, he inadvertently waved a red flag in front of the IRS which resulted in an audit — an audit that cost him every penny of his S corporation business deductions. Where did Ronnie Craft go wrong and how can you avoid his fate? You’ll find out when you read my new article titled Tax Tips: Tax Savings Trap Crushes S … [Read more...]
S corporation health-insurance update
S corporation owners may remember that (for 2014, 2015, and 2016) the IRS allowed you to avoid the $100-per-day penalties on S corporation reimbursements for individually-purchased health insurance. But what about 2017 and 2018? What’s your health-insurance status now? The good news is that your 2017 and 2018 S corporation health-insurance treatment continues as before. And … [Read more...]
A deduction for making things (this could be for you!)
Hey. You may not think of yourself as making things but the tax code allows this deduction for making things you may not be thinking of. Why should you care? Because if Uncle Sam considers you to be making things you may qualify for a nice deduction… up to 9% of all income from qualifying activities. There’s no catch and no recapture associated with the deduction. It’s … [Read more...]
The smart way to turn your home into a rental
Thinking about making some extra cash by turning your home into a rental property? Well, I know just the right buyer for your property … your S corporation! That’s right. When your S corporation operates as the landlord, you’ll come out with more money in your pocket. What’s more, it’s easy to do as you’ll learn when you read my new article titled Tax Tips: Shedding … [Read more...]