The new health care law changes the requirements for deducting vitamins in your Section 105 medical reimbursement plan. Want to download the most current sample plan as a Word document? It’s easy. You’ll find the link in our latest article titled Tax Tips: New Health Care Law Requires Strategy Change for Section 105 Vitamin Deduction. Three ways our fact-filled article can … [Read more...]
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What’s Best? IRS Mileage Rates or Actual Expenses?
The new tax law has a lot to say about deducting the cost or vehicles. In some cases, you can deduct the full cost in the year you place the vehicle in service! In other cases, the luxury auto limits might stretch your depreciation deductions over 30 or more years! The bottom line? You really need to check out our brand new article titled Tax Tip: With the New Tax Law, … [Read more...]
Bad news from the IRS re: the new health law
New guidance from the IRS on the new health care law is a major downer. Why? Because it says that the owner of a business may not claim the 35 percent tax credit on the health insurance premiums paid to cover his or her spouse. What does this mean to you? You’ll find out when you read my important new article called Tax Tips: IRS Says No Tax Credit on Health Insurance Premiums … [Read more...]
Get your personal economic stimulus package
Did you know that “The Small Business Jobs Act of 2010” spends $12 BILLION on small businesses? Are you getting your fair share of this money meant to stimulate the economy? To learn how the one-owner business can cash in on The Small Business Jobs Act of 2010, read our brand new article titled New Law: Another Small-Business Economic Stimulus Package for You. Three ways our … [Read more...]
Tax tips on the IRS Section 105 medical reimbursement plan
Important news! The IRS has just clarified the Section 105 medical reimbursement plan rules for deducting over-the-counter drugs in 2011. That’s right. In Notice 2010-59, the IRS clarified the new definitions and considers this guidance to have the force of regulations. If your business wants to stay in compliance with the 2010-2011 requirements, read our new article titled … [Read more...]