Some business owners can employ a spouse and work happily together. Other business owners just can’t work with their spouse. If you’re a person who can employ your spouse and make it work, I’ve got some good news for you. You may be eligible to use some terrific tax-saving strategies. As we’ll explain below, the key to making these strategies work is to use benefits … [Read more...]
Employees
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2020 Last-Minute Year-End Retirement Deductions
Are you currently using a retirement plan that’s helping you and your employees reach important retirement goals? Well, you should have one. And soon. (Read the article for full details.) Why the rush? Because if you act by December 31, you’ll be able to put a business retirement plan in place, or make the switch to an extremely useful Roth IRA (if your income is down … [Read more...]
Be Sure to Pay the PCORI Fee if You Have an HRA
What the heck is the pesky little PCORI fee you have to pay and why should you care? Here’s the short answer… If you’ve established a Health Reimbursement Arrangement (HRA) for your employees and/or your spouse, you’ve got to pay the small PCORI fee to Uncle Sam. (More details below.) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ A Quick Reminder.HRAs that you likely have come … [Read more...]
TCJA: Don’t Lose Out When Corp. Vehicle Is in Your Personal Name
Do you operate your business as an S or C corporation? Do you drive a vehicle for business purposes that’s registered in your own name? Then watch out! You see, the Tax Cuts and Jobs Act (TCJA) changed the rules for tax years 2018 to 2025. These changes in the tax law deny 1040 employee business-expense deductions when you use a personal vehicle for corporate … [Read more...]
PPP Update: Two New Rules for Owners of S and C Corporations
Here’s good news for S and C corporation owner-employees. During the past month, the Small Business Administration (SBA) issued: A new set of frequently asked questions (FAQs)A new interim final rule concerning the Payroll Protection Program (PPP) Taken together, these rules provide S and C corporations with significant benefits. What are they? How can you take … [Read more...]