Do you own a small business? Than you can take advantage of tax deductions for de minimis (i.e. small) fringe benefits. The beauty of the de minimis classification is that your business gets the tax deduction and your employee gets the benefits tax free. A “win/win” situation thanks to the IRS! You’ll get the full story in my new article titled Tax Tips: Employer Uses De … [Read more...]
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Save big on S corporation health care coverage
I’ve got some bad news and some good news… The bad news: Tax law makes it hard for owners of S corporations to win deductions for their health insurance. The good news: If you know what you’re doing, your S corporation can structure its health care coverage so that you get to keep more money in your pocket. Want to find out how? Check out my new article titled Tax … [Read more...]
The right way to deduct your employee party
Want to throw a party for your employees? Go ahead and have a ball, but be sure you use the right deduction category! HINT: Don’t deduct your party as regular “business entertainment.” Instead, learn how the tax law gives you a 100% deduction for your employee party and other employee entertainment. My advice? Before you break out the champagne, read my new article titled … [Read more...]
How to set up a Roth IRA college fund
It’s a fact. Business ownership can give you fat tax deductions for hiring your children and, at the same time, give your children tax-free income. And that’s just for starters. If you handle things right, your children can open Roth IRAs where they can invest their tax-free income in a college fund. Want to learn how to take advantage of this extremely attractive tax … [Read more...]
The defined benefit pension plan option
Welcome to the fifth and final installment in our series on the best tax-smart retirement plans for small businesses. In my new article we’ll be taking a close look at the defined benefit retirement plan. It might be the perfect choice if you’re age 50 or older and your business earns you a healthy income. Does that describe you? Then don’t wait. Read my article titled Tax … [Read more...]