When tax time rolls around it feels as if Uncle Sam wants to take everything you have . . . even the shirt off your back. But there’s a totally legal way to strike back . . . Deduct the cost of that shirt on your back, plus all the clothes you wear for your job. And while you’re at it, deduct laundry and dry cleaning expenses too! I’m not kidding. If you follow IRS … [Read more...]
Employees
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The smart way to pay for employee health insurance
It’s true that the Affordable Care Act lets you pay for your employees’ health insurance. But to do so, you have to increase their taxable compensation. That’s no bargain because doing so means higher taxes for both you and your employees. Ouch! Want to learn tax-advantaged ways to pay for employee health insurance without violating the Affordable Care Act or exposing … [Read more...]
The smart, safe way to lend money to an employee
Shakespeare wrote… “Neither a borrower nor a lender be.” That may be good advice in theory, but in practice you may want to make a loan to an employee who’s going through tough times. Lending money to an employee can be a thoughtful act that builds loyalty, but it can also put you in a tough spot if the debt goes unpaid. If you want to learn how to protect yourself … [Read more...]
The most dangerous place to borrow money
If you ever run short of money there are two places you should never, ever go for a loan. Your friendly neighborhood loan shark. Miss a usurious payment and you could get your legs broken. Ouch! The payroll-tax money you’ve withheld from your employees. Borrow just a little and Uncle Sam will break your legs. Maybe not literally, but you will suffer tremendous … [Read more...]
The truth about “defined-contribution health plans”
After the Affordable Care Act (Obamacare) became law, a bunch of ads have popped up on the web touting “defined-contribution health plans.” They’re billed as perfect for business owners who have fewer than fifty employees. The trouble is, the tax code makes no mention of defined-contribution health plans! FACT: These plans are purely the creation of marketers and can get you … [Read more...]