If you own an S corporation, getting a deduction for your health insurance can be a tricky business. As you may have already discovered, the tax rules governing health insurance can be extremely confusing. Which is why I urge you to take a look at the easy-to-understand flow chart that I’ve created and featured in my new article. Want to see at a glance how to get the … [Read more...]
Rent your home to your corporation for tax-free income
If you operate your business as an S or C corporation, I’ve got some good news for you… Thanks to a little-known section of the tax code, you can rent your home to your corporation for business meetings, staff retreats, your summer employee picnic, etc. and receive that hefty rental income tax-free! That’s right. IRC Section 280A allows you to rent all or part of your home to … [Read more...]
How to “audit-proof” your travel expense records
Careful! If you’re deducting travel expenses you’d better know what you’re doing or the IRS may come calling. It doesn’t matter whether you operate your business as a corporation or a proprietorship. You still need to record your tax-deductible travel expenses in an IRS-approved manner. And they can be sticklers! If you want to learn how to keep your tax-deductible … [Read more...]
Should you buy or lease your business vehicle?
Thinking about getting a new vehicle for your business? Then you have to make a tough decision… Should you buy or should you lease? Unfortunately, deciding which option saves you the most money isn’t always easy. Sure, you’ve got to consider out-of-pocket costs, but you also have to think about how much cash you have available, the tax benefits each approach provides, and the … [Read more...]
How to cash in on your S corporation profits
After you take a salary from your S corporation you may have dividends left over. Which means you have to ask yourself two important questions: Question #1: Are these dividends subject to federal income taxes? Question #2: How do I get the cash? You’ll get straight answers that can put money in your pocket when you read my new article titled Tax Tips: Cashing In on Your S … [Read more...]