If you own an S corporation, my latest article contains news that should put a smile on your face, you see… The IRS has just ruled that S corporation owners are safe from Obamacare penalties through 2015! That’s right. You can now deduct your health insurance premiums without facing the Affordable Care Act’s $100-per-day penalty. That’s a big relief. We’ve been waiting for … [Read more...]
Fringe Benefits
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How to write off clothing and laundry expenses
A while ago, we showed you how to deduct the cost of work clothes and laundry services that you buy for yourself and your employees. But in my new article, I’ll show you how to get a deduction for yourself even if you don’t offer a clothing/laundry benefit to all your employees. In other words, to use the language of the tax law, we’ll show you how to “discriminate” … [Read more...]
Don’t let your S corporation cost you valuable business deductions
Do you own an S corporation? Did you buy a 2014 business vehicle in your personal name? If you’re answering “yes,” keep reading because a lot of money is at stake. You see, if you don’t handle things correctly, you could lose huge 2014 business deductions. I’m talking about Section 179 expensing, which allows you to take up to $500,000 worth of deductions, plus bonus … [Read more...]
How to beat the “discrimination tax” on HSA contributions
Health savings accounts (HSAs) are wonderful for several reasons… They let you contribute to the healthcare costs of your employees without facing Affordable Care Act (Obamacare) problems… there are no minimums to pay… and there’s no insurance to deal with. All you do is make contributions and get a deduction, and your employees get the income as a tax-free fringe benefit. … [Read more...]
How to deduct your clothing and laundry bills
When tax time rolls around it feels as if Uncle Sam wants to take everything you have . . . even the shirt off your back. But there’s a totally legal way to strike back . . . Deduct the cost of that shirt on your back, plus all the clothes you wear for your job. And while you’re at it, deduct laundry and dry cleaning expenses too! I’m not kidding. If you follow IRS … [Read more...]