Are you thinking about how to handle your retirement accounts and medical coverage/plans from a tax perspective? You should be concerned about these issues because December 31 is almost here and if you take action before that date, you could save yourself a lot of money. We’ll show you proven, totally legal techniques you can use right now (before time runs out) when you … [Read more...]
Employees
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TCJA Creates New Reasons for Accountable-Plan Expense Reimbursements
What is an accountable plan? An accountable plan is an expense reimbursement or allowance arrangement that requires employees to substantiate expenses and return unsubstantiated advances. With the plan, the reimbursements are tax-free to recipient employees. And the company can deduct the reimbursements as business expenses. Do you use an accountable plan for your … [Read more...]
Federal Tax Deductions for Section 127 Education of Grandchild
How would you or your corporation like to help pay for your grandchild’s college education (or other training), and get a nice business tax deduction at the same time? Well, you can. All you have to do is know how to take advantage of Section 127 of the tax code. Want to find out more about how to put Section 127 to work for you? Read my new article titled Tax Tips: … [Read more...]
Creating More Business-Meal Tax Deductions After the TCJA
Eat up! Thanks to changes in the Tax Cuts and Jobs Act (TCJA), it’s now much easier to write-off business meals for you, your customers, other business contacts — and even your spouse! That’s right. The IRS has reverted to the pre-1963 (more business-friendly) “ordinary” and “necessary” business-expense rules. So what are they? We’ll explain fully when you read my new … [Read more...]
Proprietors and Partners Mistakenly Pay Themselves Illegal W-2 Wages
Sole proprietors and partners often suffer from W-2 envy. And I know why. If they’re earning more than the Section 199A pay limits, they look to W-2 wages as a way to salvage the juicy 20-percent deduction allowed by Section 199A. In fact, some sole proprietors and partners often have their Certified Professional Organizations (CPEO) pay them on a W-2. This is wrong. … [Read more...]