Sure. Health insurance premiums are sky high. But if you have a properly planned and executed Section 105 plan, you don’t have to worry. You see, this plan works like magic, turning your medical expenses into tax-favored business deductions that save on both income and self-employment taxes. You’ll get all the details when you read my new article titled Tax Tips: Make … [Read more...]
Fringe Benefits
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2016 health insurance for S corporation owners
A little history… For 2014 and 2015, the IRS let S corporations escape the $100-a-day penalties on select corporate payments of health insurance (for owners with a more than two percent ownership interest). But what about 2016? I’ll tell you exactly what you need to do with your S-corporation to make sure you keep your health insurance deductions and avoid penalties for … [Read more...]
Great benefits for your S Corp employee-spouse
There’s bad news and good news for S Corporation owners. The bad news: The IRS disallows some fringe benefits for employee-spouses The very good news. There are still plenty of outstanding fringe benefits you can provide tax free to your employee-spouse. We’ll tell you all about the goodies waiting for your spouse when you read my new article titled Tax … [Read more...]
Triple Tax Advantages: Reimburse Your Employee-Spouse for Health Insurance
It’s a fact. If you’re a Schedule C business-owner, you and your spouse must get health insurance for yourselves (and other dependents) or face a hefty penalty. The good news is that a properly-established proprietorship reimbursement arrangement can provide three big tax advantages for you and your spouse. Want to learn how to become a trifecta tax winner? Read my … [Read more...]
How your business credit card can put you at risk!
Sure. A business credit card is a tremendous convenience. With it you can pay for travel, entertainment, vehicle expenses, and much more. But watch out! If you’re not documenting those business expenses the right way, the IRS might come calling. Want to avoid an audit and stay out of trouble? Read my new article titled Tax Tips: Danger with Business Credit Card Three … [Read more...]