Homeowners are individual taxpayers. Which means they’re eligible for a number of valuable tax benefits. A well-known example: Homeowners can deduct the interest paid on up to $1.1 million in mortgage debt for their primary home. And that’s just for starters. S corporations, on the other hand, offer many tax advantages but deny the homeowner benefits that individual taxpayers … [Read more...]
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More on how husband & wife businesses can save on taxes
Running a business with your spouse? If the answer is “yes,” some thoughtful tax planning can boost your after-tax profits. Big time! In Part 1, we explained how you can slash taxes by operating your business as a proprietorship and hiring your spouse. In this, my latest article (Part 2), you’ll learn how to achieve tax-favored status so you both can work together and pocket … [Read more...]
When an S corporation should own an S corporation
You may know that organizing your business as an S corporation can be a smart move. But did you know that your S corporation can also own a subsidiary corporation known as a QSub? Why would you want to set up a QSub? Because it gives you extra legal protection, yet avoids any tax increases and allows you to file a single S corporation tax return. To find out more, I urge … [Read more...]
Should an S corporation owner take zero salary?
If you own an S corporation, taking no salary whatsoever can be a smart move or the cause of BIG problems with the IRS. As is so often the case with the IRS, “it all depends.” Do you want to learn the ins and outs of paying zero salary to an S corporation owner? Want to find out what you can do to legally avoid payroll taxes? Don’t miss my new article titled Tax Tips: S … [Read more...]
What rental property managers must report
A rental property manager’s work is never done. And one thing he or she must never forget to do is report gross-rental-income to property owners on a 1099-MISC. This reporting responsibility can be confusing because new laws were enacted in 2010 and then repealed in 2011. Want to end the confusion and find out what property managers really need to report — and what property … [Read more...]