Here are two important questions for every S corporation owner: Does your corporation own your business car? Do you drive your corporate-owned car or other vehicle for personal purposes? If you’re answering “yes,” it’s important to know how the IRS treats the personal use of your vehicle and how that personal use affects corporate tax deductions. Knowing the rules … [Read more...]
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Why renting your home to your corporation works
Last month we published an article that got a lot of great feedback. In it, we explained… How a 14-day (or less) rental of your home to your S or C corporation can create tax-free income for you and deductions for your corporation. Some of our readers doubted that this strategy could pass IRS muster so I’m going to deal with these concerns head-on. You’ll get all the facts … [Read more...]
Get the best deduction for your S corporation health insurance
If you own an S corporation, getting a deduction for your health insurance can be a tricky business. As you may have already discovered, the tax rules governing health insurance can be extremely confusing. Which is why I urge you to take a look at the easy-to-understand flow chart that I’ve created and featured in my new article. Want to see at a glance how to get the … [Read more...]
Rent your home to your corporation for tax-free income
If you operate your business as an S or C corporation, I’ve got some good news for you… Thanks to a little-known section of the tax code, you can rent your home to your corporation for business meetings, staff retreats, your summer employee picnic, etc. and receive that hefty rental income tax-free! That’s right. IRC Section 280A allows you to rent all or part of your home to … [Read more...]
How to cash in on your S corporation profits
After you take a salary from your S corporation you may have dividends left over. Which means you have to ask yourself two important questions: Question #1: Are these dividends subject to federal income taxes? Question #2: How do I get the cash? You’ll get straight answers that can put money in your pocket when you read my new article titled Tax Tips: Cashing In on Your S … [Read more...]