61 million adults, and over 12.6 million children in the United States, have some type of disability. That’s why ABLE accounts can be so tremendously helpful. These tax-advantaged accounts for the disabled are relatively new and they remain little known. A pity. You see, ABLE accounts can be real game-changers because they allow the disabled to save money without … [Read more...]
Disability
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Impact of Death, Retirement, and Disability on the 179 Deduction
Let’s hear it for Section 179 of the IRS tax code! It lets your business deduct the full price of qualifying equipment purchased or financed during the tax year! EXAMPLE: Let’s say your proprietorship bought a pickup truck with a gross vehicle weight-rating greater than 6,000 pounds and a bed six feet or longer. Assuming you use the pickup 100-percent for business, you can … [Read more...]
The right way to handle disability income premiums
Sure. Disability insurance makes a lot of sense. If you’re ever laid up and unable to work, it’s nice to have a dependable source of income. Want to learn when the IRS will let you or your corporation deduct disability premiums and collect disability premiums tax free? Easy. You’ll get all the money saving information you need when you read my new article titled Tax Tips … [Read more...]
How to avoid costly Section 179 “recapture”
Did you take the Section 179 deduction on the tangible property you bought for your business? Good move … but be careful! You see, the deduction comes with strings attached and if you don’t comply with the tax law, Uncle Sam can show up and “recapture” a lot of money. We’ll show you how to avoid problems and stay on the right side of the law when you read my new article … [Read more...]
Disability policies and the self-employment tax
Here are three extremely important questions that every business owner should know the answers to… Do you have disability insurance? Is your disability protection a traditional disability income policy or a disability “overhead expense” policy? If you become disabled, do you have to pay self-employment taxes on the benefits you receive? You’ll find detailed answers … [Read more...]