A little history… For 2014 and 2015, the IRS let S corporations escape the $100-a-day penalties on select corporate payments of health insurance (for owners with a more than two percent ownership interest). But what about 2016? I’ll tell you exactly what you need to do with your S-corporation to make sure you keep your health insurance deductions and avoid penalties for … [Read more...]
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Selling Your Business: How to Make Tax-Saving Price Allocations for an Asset Sale
If you sell a business that you’ve operated as a sole proprietorship or single-member LLC (treated as a sole proprietorship for tax purposes), you automatically are making an asset sale. To come out a winner, you need to know how the law taxes each of the assets. The good news is that if you know what you’re doing, you can slash your tax bill and collect a lot more … [Read more...]
Great benefits for your S Corp employee-spouse
There’s bad news and good news for S Corporation owners. The bad news: The IRS disallows some fringe benefits for employee-spouses The very good news. There are still plenty of outstanding fringe benefits you can provide tax free to your employee-spouse. We’ll tell you all about the goodies waiting for your spouse when you read my new article titled Tax … [Read more...]
How your business credit card can put you at risk!
Sure. A business credit card is a tremendous convenience. With it you can pay for travel, entertainment, vehicle expenses, and much more. But watch out! If you’re not documenting those business expenses the right way, the IRS might come calling. Want to avoid an audit and stay out of trouble? Read my new article titled Tax Tips: Danger with Business Credit Card Three … [Read more...]
The best way to sell your business!
Thinking of selling your business? Well, before you do, you need to consider the kind of sale it’s going to be. Will it be an asset sale or a stock sale? Want to pay minimum taxes? Reduce post-sale liabilities? Get paid promptly in full? Of course you do! Which is why making the right asset sale/stock sale decision is so vitally important. You’ll find all the … [Read more...]