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...]
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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...]
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...]