In Part 2 of our discussion of the best small-business retirement plans, we take a close look at the Simplified Employee Pension (SEP) option. It’s the defined contribution plan that’s the easiest to live with. But will a SEP meet your specific needs? You’ll find out when you check out my latest article titled Tax Tips: The Best Small-Business Retirement Plans: Part 2, the … [Read more...]
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Get your independent contractor’s tax status right
Do you work with independent contractors? If you do, it’s vitally important to get their tax status right from day one. Why? Because if you get the contractor’s status wrong, and they are considered by the IRS to be “employees,” you could suffer major penalties. That’s why it’s so important to read my latest article titled Tax Tips: Tax Lawyer Is an Employee, Not an … [Read more...]
How to manage your S Corporation fringe benefit problem
It’s a fact. Your S Corporation may not give you the tax-free fringe benefits you want. In the good old days, the S Corporation avoided double taxation, reduced self-employment taxes, and also gave you a bunch of fringe benefits. Well, sadly, the good old days are long gone (since 1982). Which means that when the S Corporation is your 2011 business entity of choice, you have … [Read more...]
Tax-free lunches for employees
Here are two important facts you may not know: FACT #1: Under the right circumstances, you can provide tax-free lunches to your employees. A nice fringe benefit to be sure! FACT #2: As the business owner, you can also qualify for tax free lunches if you know how to play the game. You’ll learn how, when you read my new article titled Tax Tips: Tax-Free Lunches for … [Read more...]
Tax-free supper money
When your employees work overtime, do you provide them with supper or other meal money? If you do, is that meal-money a tax-free fringe benefit, or is it additional W-2 compensation to the employees? You’ll find answers to these questions, plus a lot more, when you read my new article titled Tax Tips: Tax-Free Supper Money Tax Tips. Three ways our fact-filled article can … [Read more...]