Owning a timeshare can be fun. But getting away from the office and actually using it can be a problem. The good news is that, if you have employees, you can create nice business tax deductions for your personal timeshare when you’re unable to use it yourself. Want to find out how? You’ll get the whole story when you read our new article titled Tax Tips: Create a Business … [Read more...]
Fringe Benefits
Sorted by Date
Take advantage of the IRS’s new cell phone benefit
Surprise! The IRS has some GOOD news for you. If you’ve set up your business as a C or S corporation, the IRS gives you a cell phone fringe benefit that’s not available to sole-proprietorships or single-member LLCs. Want to find out more? Easy. All you have to do is read my brand new article titled Tax Tips: Corporations Beat Proprietorships in Tax Deductions for Cell … [Read more...]
Does an S Corporation make sense for you?
When you’re choosing a tax-deduction entity for your business, there are many ways to go. You can set up your business as an S corporation, sole proprietorship, single-member LLC, or C corporation. But which one is right for you? Which meets your specific needs and goals? In my new article, the fourth in a series that began in November, 2011, we’ll take a close look at the S … [Read more...]
The professional corporation as a C Corporation
Thinking about incorporating your personal service business? If you do, the IRS will likely consider your new corporation to be a “qualified personal service corporation” for tax purposes. In that case, tax brackets don’t matter and the hefty 35% flat-tax rate applies from the first dollar of taxable income. If you want to learn how to avoid paying taxes at this steep rate, … [Read more...]
Reward employees with deductible fringe benefits
Do you own a small business? Than you can take advantage of tax deductions for de minimis (i.e. small) fringe benefits. The beauty of the de minimis classification is that your business gets the tax deduction and your employee gets the benefits tax free. A “win/win” situation thanks to the IRS! You’ll get the full story in my new article titled Tax Tips: Employer Uses De … [Read more...]