The IRS has some good news for you. You read that right. Some good news from the IRS and here it is… Under the “de minimis” fringe-benefit rules, your business can deduct the cost of giving you and/or your employees, flowers, fruit, books, or similar property. And recipients get these gifts tax free! Want to learn more about the regulations that govern these de minimis … [Read more...]
Fringe Benefits
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Create a tax-free deduction for your smart phone
Here’s good news (for a change!) from the IRS… If you and/or your employees use smart phones, you can create some nice no-hassle, tax-free fringe benefits. Want to find out how you can take advantage of Uncle Sam’s largesse? Then put down your iPhone or Android phone and read my new article titled Tax Tips: Create Tax-Free Fringe Benefit Deductions for Your … [Read more...]
A great tax-free way to reward employees
Everyone likes to be recognized for their efforts, contributions, and achievements. In fact, I’ll bet this is true of your employees. So how about rewarding them with a morale-boosting achievement award that’s tax deductible for your business and tax free for your employees? You’ll get all the details when you read my new article titled Tax Tips: Achievement Awards Are a … [Read more...]
Create an employee-spouse “105-HRA”
It’s a fact… The Affordable Care Act (Obamacare) doesn’t apply to a business that has only one employee. That’s good news. Your spouse can benefit from what I call a “105-HRA” (Health Reimbursement Arrangement). When you design it for your spouse, the plan reimburses him/her for family medical expenses. The reimbursements are business-expense deductible on your tax … [Read more...]
SEP or 401(k); how to retire early (and in comfort!)
If you want a carefree (and scarefree) retirement, now is the time to act. Start by paying yourself first. You work hard and deserve it. Next, take advantage of a SEP or 401(k) retirement plan. The tax code lets you sock away your “contributions” in a tax-deferred plan that lets your money compound over the years tax free. (You pay tax when you withdraw funds years … [Read more...]