Do you own more than 2-percent of your S corporation? Then be sure to follow the special IRS rules that allow you to deduct your health-insurance premiums. These rules are particularly important if your S corporation employs your parents and/or non-dependent children who don’t own any stock in your corporation. And be aware: If you handle things the wrong way, your … [Read more...]
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Caution: 199A Calculator Is Business-by-Business WITHOUT Aggregation
Consider this a personal invitation to use our freeSection 199A Calculator But be sure to use it the correct way! Your 199A deduction requires W-2 wages and/or property (when your taxable income is greater than $415,000 married, filing jointly, or $207,500, filing as single or head of household.) If you earn above these amounts and do not formally elect aggregation of … [Read more...]
How to Reimburse Medicare When You Have Fewer than 20 employees
Do you structure your business as a sole-proprietor, partnership, S or C corporation? Do you have fewer than twenty employees? Then our new article makes “must” reading. Why? Because we’ll explain how new IRS regulations allow you to reimburse Medicare parts B and D to your Medicare-covered employees. If you want to learn how to comply with the law and avoid painful … [Read more...]
How to Deduct Medicare as a Business Expense?
If you operate as a proprietorship, a partnership, an S corporation, or a C corporation, you’re undoubtedly aware of an unpleasant fact… Premiums for Medicare health insurance can add up to a lot of money. This is especially true if you earn a high income, you’re married, and both you and your spouse are paying premiums. But hang on for a second. If you know how to play … [Read more...]
Employee Recreation and Parties Survive TCJA Tax Reform
Here’s some good news about the Tax Cuts and Jobs Act (TCJA)… The TCJA has retained the 100-percent tax deduction for qualified employee parties and qualified employee entertainment facilities. Interestingly, if you provide a meal for your employees during a training program, you can deduct only 50-percent of the cost. But if you know the rules, you can take your … [Read more...]