If you owe back taxes and you have not heard from the IRS in a while, that could change. Under a new law, the IRS must turn over certain delinquent tax debts to private collection agencies. And you know that those agencies know how to turn up the heat! Want to learn how to avoid dealing with a collection agency and protect all your rights? Don’t miss my new article … [Read more...]
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Pay your taxes or lose your passport!
Planning a trip abroad? Well, before you start packing, make sure you don’t owe more than $50,000 in unpaid federal taxes. You see, if you have what the IRS calls “seriously delinquent tax debt,” Uncle Sam can and will revoke your passport. Ouch! Want to learn how to avoid problems and have a bon voyage? Read my new article titled Tax Tips: Unpaid Taxes? Goodbye … [Read more...]
New tax-deductible, penalty-free health plans for small businesses
Here’s good news for small businesses! Starting on January 1, 2017, you can establish a new “Qualified Small-employer Health Reimbursement Arrangement” (QSEHRA). The QSEHRA was created to help small-business owners help their employees pay for their health insurance and other medical costs. And without worries about the per-employee, $100-per-day penalty. (That’s $36,500 … [Read more...]
New law erases $100-per-day penalty!
Are you one of those small-business owners who stopped reimbursing (or paying for) your employees individually-purchased health insurance? Did you simply add the cost of that insurance to your employees W-2s? If you did, you were out of compliance with the Affordable Care Act and were subject to a $100-per-day penalty of up to $36,500 per-employee, per-year. Well, here’s … [Read more...]
How to choose the right business entity (Part 2)
In Part 1 of this two-part series, we discussed the pros and cons of forming a sole proprietorship and a single-member LLC (taxed as a proprietorship). In Part 2, we discuss what the three possible corporate forms of business have to offer. You’ll get the whole story (the good, the bad, and the ugly) when you read my new article titled Tax Tips: Choosing the Right Entity … [Read more...]