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...]
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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...]
How to audit-proof your S corporation salary
If you’re the owner of an S corporation, you can save a lot of money on self-employment taxes. How? By paying yourself a low salary and taking the remaining profits as distributions which are not subject to the self-employment tax. But as is often the case with the tax code, the devil is in the details. Which is why I urge you to read my must-read new article titled Tax … [Read more...]
How to prevent payroll embezzlement
Watch out! The wages you think you’re paying to your employees, and the payroll tax deposits you think you’re sending to the IRS, may be going straight into an embezzler’s pockets. That’s why it’s so important for you to read my brand new article titled Tax Tips: Prevent Payroll Embezzlement. Three ways our fact-filled article can help you: We’ll tell you three easy ways … [Read more...]