Let them eat cake!… but make sure they eat it on your business premises. Seriously, where you entertain, eat a meal, or hold business meetings matters a lot to Uncle Sam and determines how big a deduction you can claim. For example, if you go out and party with your employees, you can enjoy a 100% deduction. But if you have a genuine business meeting with your employees at … [Read more...]
Fringe Benefits
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Get the best deduction for your S corporation health insurance
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...]
How to design a retirement plan when you have employees
Let’s face it. When you have employees working for you, your retirement-plan design strategy can get pretty complicated. You have to decide how to maximize your own benefits and whether or not to provide retirement plans for your employees too. Sounds complicated but don’t lose heart. You do have some really good options. And we’ll outline six of them for you when you read … [Read more...]
Six great ways to cut your 2012 tax bill
With the new year approaching fast, now is the time to act if you want to save money on taxes. What can you do to reduce your tax bill? Well, for starters, you can read my new article which offers four year end tips and strategies on medical deductions and two on retirement. But don’t put it off. Before you know it, we’ll be ringing in 2013 and facing possible huge changes … [Read more...]
Good news about your Section 105 plan!
The Tax Court works in mysterious ways. And sometimes (though not often enough) it works in your favor. That’s what happened recently when the 10th Circuit Court of Appeals reversed the Tax Court’s “Shellito decision” which we discussed in a prior article. The reversal meant that Milo and Sharlyn Shellito were able to reap $20,208 in Section 105 plan deductions! And the … [Read more...]