Do you co-own or co-manage a business or investment with your spouse? If you do, the tax law can help you out. Big time. You see, there are special IRS rules that allow you and your spouse to beat the IRS limits on deducting the net losses of your rental property, business, or investment. And this can amount to a lot of money! If you want to learn how joint filers can … [Read more...]
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How to deduct business meals with your spouse
Not so fast! Don’t automatically assume that the IRS won’t let you deduct the cost of a business meal with your spouse. If you know how to handle things the right way, you can enjoy a leisurely dinner with your wife or husband and let Uncle Sam pick up the tab! How can you overcome the IRS’s “no deduction for personal, family, or living expenses rule”? You’ll find out when … [Read more...]
The smart way to incorporate your proprietorship
Thinking of turning your sole proprietorship into a corporation? This could be a great idea — but be careful! You see, when you incorporate your business, you have to decide which assets you want to transfer to your new corporation and which you want to keep in your own name. For some assets, you get better tax benefits and better liability protection when you don’t transfer … [Read more...]
The truth about Obamacare and Section 105 plans (HRAs)
The Affordable Care Act (Obamacare) is about 20,000 pages long. So if you haven’t personally read the passages dealing with changes to Section 105 medical reimbursement accounts (HRAs), no one can blame you. Luckily for you, we’ve done the research on the subject and are happy to share it with you. The punch line is that there’s good news and there’s bad news. If you are … [Read more...]
How to avoid mistakes converting to an S corporation
The corporate tax rules for creating an S corporation look pretty simple. But looks can be deceiving. In fact, the tax code is full of little-known rules that can bite you if you haven’t done your homework. That’s why I suggest you check out my new article which has two purposes… It can help you avoid the potholes that will knock the wheels off your S corporation. (For … [Read more...]