S corporation owners may remember that (for 2014, 2015, and 2016) the IRS allowed you to avoid the $100-per-day penalties on S corporation reimbursements for individually-purchased health insurance. But what about 2017 and 2018? What’s your health-insurance status now? The good news is that your 2017 and 2018 S corporation health-insurance treatment continues as before. And … [Read more...]
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Get paid for hiring your child!
Want to get a tax deduction for yourself and tax-free income for your youngsters? It’s child’s play when you hire them to work for your proprietorship or partnership. That’s right. There’s lots of money to be made and saved if you know how to play the game and keep the IRS happy. Luckily, we do, and we’ll pass on all our money-saving knowledge to you when you read my new … [Read more...]
A new way to deduct 100% of employee meals
You probably know that Uncle Sam limits most of your business-meal deductions to just 50% of what you spend. You also probably know that you can ignore the 50% limit and write off 100% of meal-costs under certain circumstances (like throwing an employee party or holding an employee meeting on your business premises). What you may not know is that because of a recent … [Read more...]
Don’t miss these tax-free fringe benefits!
The IRS has some good news for you. You read that right. Some good news from the IRS and here it is… Under the “de minimis” fringe-benefit rules, your business can deduct the cost of giving you and/or your employees, flowers, fruit, books, or similar property. And recipients get these gifts tax free! Want to learn more about the regulations that govern these de minimis … [Read more...]
How to survive an employee classification audit
Hiring independent contractors instead of W-2 employees can save you a lot of money. How? By letting you avoid paying Social Security and Medicare taxes, state unemployment compensation insurance, workers’ compensation insurance, and more. But be careful! If the IRS conducts an employee classification audit and finds that your independent contractors are really … [Read more...]