Do you have employees who travel on business for your company? Then you know that complicated recordkeeping is a royal pain in the neck for you and your employees. What’s more, handling things the wrong way puts you at risk for an audit disallowance. Well, there’s a solution to these problems. Consider using the IRS travel per diem method. Want to learn how the per … [Read more...]
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Dynamex Causing Incorrect W-2 Classifications for Independent Contractors
The California Supreme Court made an important ruling in the Dynamex case. The court’s decision means that you could inadvertently improperly reclassify your independent contractors and make them suffer needlessly. The Dynamex decision and subsequent new California law causes trouble not only in California but throughout the country. If you have independent contractors … [Read more...]
2019 Last-Minute Year-End Medical and Retirement Deductions
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...]
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...]