Thinking about incorporating your personal service business? If you do, the IRS will likely consider your new corporation to be a “qualified personal service corporation” for tax purposes. In that case, tax brackets don’t matter and the hefty 35% flat-tax rate applies from the first dollar of taxable income. If you want to learn how to avoid paying taxes at this steep rate, … [Read more...]
Corporations
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How to choose the right business entity?
Is your business entity providing you with the greatest possible tax-deductions? Does it provide you with adequate protection from liability? If answers to these questions are important to you, (and they should be!) don’t miss my new article. It will explain how the four basic business entities produce tax deductions and provide liability protection. You’ll also learn … [Read more...]
Save big on S corporation health care coverage
I’ve got some bad news and some good news… The bad news: Tax law makes it hard for owners of S corporations to win deductions for their health insurance. The good news: If you know what you’re doing, your S corporation can structure its health care coverage so that you get to keep more money in your pocket. Want to find out how? Check out my new article titled Tax … [Read more...]
How to set up a Roth IRA college fund
It’s a fact. Business ownership can give you fat tax deductions for hiring your children and, at the same time, give your children tax-free income. And that’s just for starters. If you handle things right, your children can open Roth IRAs where they can invest their tax-free income in a college fund. Want to learn how to take advantage of this extremely attractive tax … [Read more...]
How to protect your S corporation
Running your business as an S corporation can offer a lot of valuable benefits. But be careful! If you don’t follow the law closely, you could lose big deductions and have to pay additional taxes, penalties, and interest. How can you help make sure that you comply with the law and avoid legal problems? Easy. Read my new article titled Tax Tips: Tax Law Prohibits the … [Read more...]