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...]
Fringe Benefits
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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...]
How to avoid a $15,000 penalty!
Have you got a solo 401(k) plan with more than $250,000 in it? If you do, here’s a question you need to answer now: Did you, your tax preparer, or plan administrator file a 5500-EZ? If you’re not certain, you better check this out immediately because a failure to file could cost you a lot of money in fines. Want to find out if you’re at risk and what to do if you are? … [Read more...]
Why paying the “nanny tax” can actually make you money
If you’re paying a nanny at least $1,900 this year, you have to pay the nanny tax. But don’t worry. If you know how to play the game, you can offset most (if not all) of the tax expense. How? By taking advantage of some nice tax breaks. In fact, you can come out ahead as you’ll learn when you read my new article titled Tax Tips: Pay the Nanny Tax and Make Money Doing … [Read more...]
How to use the tax-free supper money allowance
When you or your employees have to work late, it’s a real morale buster. But you can provide a big morale booster… and grab yourself a nice tax deduction if you know the law. You see, the IRS offers a 100% deduction when you provide a qualifying “supper money” meal-allowance to those dedicated employees who work overtime. (I know that not everyone calls it “supper” any more… … [Read more...]