I’ve got some bad news and some good news… The bad news: Tax law makes it hard for owners of S corporations to win deductions for their health insurance. The good news: If you know what you’re doing, your S corporation can structure its health care coverage so that you get to keep more money in your pocket. Want to find out how? Check out my new article titled Tax … [Read more...]
Fringe Benefits
Sorted by Date
How to keep your yacht deduction from sinking
If you own a yacht or a luxury boat, there’s something you should know before you shout “anchors away.” I’m talking about the IRS tax rules that govern luxury boat deductions. What are they? We’ve done research on the subject and put together an easy-to-understand article you won’t want to miss. For all the details, check out my new article that’s like a life preserver for … [Read more...]
The defined benefit pension plan option
Welcome to the fifth and final installment in our series on the best tax-smart retirement plans for small businesses. In my new article we’ll be taking a close look at the defined benefit retirement plan. It might be the perfect choice if you’re age 50 or older and your business earns you a healthy income. Does that describe you? Then don’t wait. Read my article titled Tax … [Read more...]
Is the solo 401(k) right for you?
In Part 4 of our series on retirement plans for the one-owner or husband-and-wife-owned business, we take a close look at the solo 401(k). This flexible, defined-contribution retirement plan lets you take the largest deductions of the plans reviewed so far and offers several significant advantages. To find out more, don’t miss this important article titled Tax Tips: Best … [Read more...]
Getting divorced? Here’s how to save on taxes
When a small-business owner gets divorced, significant tax consequences can follow. In this issue, (Part 2) of my series on divorce, I’ll explain how to split up qualified retirement plans like your IRA, without shooting yourself in the foot. If you want to learn specific ways to prevent Uncle Sam from taking a big cut of your assets, check out my latest article titled Tax … [Read more...]