I want to ask you an extremely important question. Are you a small-business owner with fewer than fifty employees? If you are, then take my advice… You should definitely have a medical-plan for your business in place before 2021 rolls around! Why? Because having a medical plan makes for a happy workforce and, in the right circumstances, can save you a lot of … [Read more...]
Husband and wife business
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PPP Loan Forgiveness for Partnerships and S and C Corporations
It’s a fact that taxpayers know well. Uncle Sam’s tax rules are not always clear. (A huge understatement!) But thanks to new government guidance, the rules governing PPP loan-forgiveness, for several types of business entities, are models of clarity. (More or less.) To be specific… the new PPP rules explain clearly how you can identify your personal (owner-employee) … [Read more...]
Husband-Wife Partnerships: Three Tax-Saving Strategies—Part 2
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ In Part #1 of our article titled Husband-Wife Partnerships-The Tax Angles, we … [Read more...]
Auditor Claims It’s Illegal for Parent to Employ His 11-Year-Old
Do you employ your children to work in your business? This can be a very smart move for several tax-related reasons. But be warned. When junior goes to work for you, you’d better have answers ready to pointed questions asked by the Department of Labor (DOL) and/or the IRS. For example, a DOL auditor might question your claim and decide it’s illegal for you to employ … [Read more...]
Husband-Wife Partnerships: The Tax Angles—Part 1
Do you and your spouse work together in a business? Could the IRS consider the business a partnership? Then watch out. You see, running your business as a proprietorship can have major tax consequences… both good and bad. That’s why the Tax Reduction Letter is devoting two articles to this important subject. If you want to make sure you’re handling things the … [Read more...]