If you set up your S corporation to save money on taxes (and I’ll bet you did), this article is for you. You see, it will explain an extremely important decision you have to make. A decision that can have a huge impact on how much taxes you will have to pay. I’m talking about how you determinewhat your S corporation salary will be. The fact is, to take advantage of all … [Read more...]
Seven Things to Know Before You Take Out an EIDL
Does your business need working capital due to the terrible impact of the COVID-19 pandemic? If yes, consider taking out a Small Business Administration (SBA) EIDL loan. EIDL stands for the Economic Injury Disaster Loan program and it can provide up to $150,000 to businesses in need. But be aware. Although the EIDL can provide you with much needed capital, it’s a … [Read more...]
Does Renting My Home for Two Months Kill the $500,000 Exclusion?
Sometimes tax rules are easy to follow. Other times, several rules interact with each other and have to be coordinated carefully to deliver the maximum tax benefit. In this issue of the Tax Reduction Letter, we’ll deal with just such an integration challenge that was ultimately successful. Read the full article for full details. Here’s an example of important … [Read more...]
Six Insights into the PPP for Partnerships
Do you think the COVID-19 Payroll Protection Plan (PPP) is not a benefit for partners? Well, I’m happy to tell you that the PPP “free cash” program works for partnerships too! How can your partnership take advantage of the PPP automatic cash program? You’ll find outwhen you read my new article titledSix Insights into the PPP for Partnerships. Insight #1: It’s … [Read more...]
Husband-Wife Partnerships: Three Tax-Saving Strategies—Part 2
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ In Part #1 of our article titled Husband-Wife Partnerships-The Tax Angles, we … [Read more...]