Want to save a lot of money next time you hire a new worker? Don’t hire them as an “employee.” Add them as an “independent contractor.” That status distinction can save you a bundle as you’ll learn when you read my new article. In fact, you can save literally thousands of dollars in federal employment and unemployment taxes by knowing how to play the game. But be careful. … [Read more...]
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Don’t let expense report blunders trigger higher taxes
Do you operate your business as an S or C corporation? Do you reimburse yourself (the owner-employee) and/or your employees for the business expenses you or they incur? If you do, you could be losing thousands of dollars worth of tax deductions as I’ll explain in my new article. You see, if you don’t follow the IRS’s expense reporting rules (“accountable plan” rules) you’re … [Read more...]
How to get a 100% deduction for employee meals
Eat, drink, and be merry, for tomorrow you dine. And you’ll dine 100% tax free if you know the law… as I’ll explain in my new article. That’s right. When you take your employees out to lunch, the IRS normally lets you deduct just 50% of the lunch expense. But, if you know how to play the IRS’s game, you can provide meals for your employees and write off 100% of the … [Read more...]
How to avoid the $100-per-day penalty of the Affordable Care Act
Are you worried about violating the Obamacare rules and exposing yourself to the $100-per-day penalty? Relax! We’ll give you the assistance you need to put you on the road to recovery. The IRS will be looking very closely at how you reimburse employee health insurance bought on the individual market—if you aren’t careful, you may unintentionally violate the Affordable Care … [Read more...]
Save on taxes by putting your kids to work
If your children work in your business you can benefit in two important ways. You’ll get to have extra family time and help them develop a strong work ethic. You can create some nice tax savings for yourself. Want to learn how you and your kids can both benefit thanks to Uncle Sam? Don’t miss my new article titled Tax Tips: Hire Your Kids to Work in Your LLC or Sole … [Read more...]