Attention S corporation owners! Do you pay yourself with a 1099-MISC? OR Do you pay yourself on both a W-2 and a 1099? If you’re answering “yes,” stop right now and read my new article! You see, you could be in big trouble and face severe IRS problems. Oh, I know. Paying yourself on a 1099 or on a W-2 and 1099 makes your life easier. No payroll taxes. No withholding … [Read more...]
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How to avoid the “self-rental” trap
Here’s the “self-rental” story in a nutshell: You own a business that needs office space… So you buy a building and rent office space to your business… You collect the rent and depreciate the property… Your business gets to deduct the rent it pays you… As a result, the money never leaves your pocket. Sounds great, right? Well, it is if you know the special rules that apply … [Read more...]
How to buy a business that owns intangible assets
Thinking about buying a business? Then my new article is for you! You see, in past issues I’ve talked about… The kind of entity that owns the business The kind of entity you will use to operate the business The tax impact of your situation In this new issue, I’ll show you how it all comes together when you buy a business that owns intangible assets like … [Read more...]
How to incorporate tax free!
Want to incorporate a new or existing business — and do it tax-free! Then Section 351 of the tax code is for you! You see, thanks to Section 351 you can… Form a new business as a corporation Convert a proprietorship to a corporation Convert a partnership to a corporation We’ll show you how Section 351 can save you money and avoid problems when you read my new … [Read more...]
How to deduct the cost of special needs education
If your child is attending a special needs school, you’re facing some serious financial challenges. But Uncle Sam can offer you some help. You see, tax law lets you deduct tuition, medical expenses, and more. The only catch? You need to know which expenses qualify and the right way to deduct them. We’ll provide all the necessary information when you read my new … [Read more...]