Watch out! The new Obamacare tax is coming. That’s right. The new 3.8 % Obamacare tax on net investment and passive income makes its unwelcome debut on your 2013 tax return. You may hear the new tax referred to as the: Obamacare tax Net investment income tax (NIIT) Medicare tax Whatever you call it, the new tax can hurt you a lot, unless you know what you’re … [Read more...]
How to survive Obamacare AND help your employees
Sure, you want to help your employees pay for their medical expenses. But you may be afraid that under Obamacare, your small business won’t be able to afford coverage for them… or even yourself! Well, don’t lose hope. Consider providing a Health Savings Account (HSA)! Yes. HSAs have survived the Obamacare reforms and they may just be the tax-advantaged healthcare solution … [Read more...]
The truth about Obamacare and Section 105 plans (HRAs)
The Affordable Care Act (Obamacare) is about 20,000 pages long. So if you haven’t personally read the passages dealing with changes to Section 105 medical reimbursement accounts (HRAs), no one can blame you. Luckily for you, we’ve done the research on the subject and are happy to share it with you. The punch line is that there’s good news and there’s bad news. If you are … [Read more...]
How to “W-2” the vehicles you provide to employees
If you provide your employee(s) with vehicles for business use, you’ll have to do a little calculating. You see, because your employees personal use of the vehicles must be included in their wages, you’ll need to apply the correct valuation rules. Sound complicated? It is. We’re dealing with the IRS! But don’t worry. We’ll explain the three IRS-approved valuation methods … [Read more...]
Deductions for your “entertainment facilities” (Part 2)
Last month we explained why it’s vitally important to know the law if you want to successfully deduct a beach house, ski chalet, yacht, hunting cabin, or other “entertainment facility.” In this article, Part 2, you’ll learn how to get a nice tax deduction when you use the facility as compensation to certain others. But, as always when you deal with the IRS, the devil is in … [Read more...]