If you operate as a proprietorship, a partnership, an S corporation, or a C corporation, you’re undoubtedly aware of an unpleasant fact… Premiums for Medicare health insurance can add up to a lot of money. This is especially true if you earn a high income, you’re married, and both you and your spouse are paying premiums. But hang on for a second. If you know how to play … [Read more...]
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TCJA One Way to Deduct Personal Vehicle Used for Corporate Business
Do you operate your business as a corporation? Do you own your business car personally? If both answers are “yes,” be aware that thanks to the Tax Cuts and Jobs Act, employee business expenses are not deductible for tax years 2018 through 2025. This means you can’t claim vehicle deductions as employee business expenses. So, are you out of luck? No. If you want … [Read more...]
IRS updates defined wages for new Section 199A tax deductions
If you want to take advantage of the new 20-percent tax deductions under tax code Section 199A, you need to follow certain important IRS rules. For example, you’ll need to calculate your business’s W-2 wages if they meet certain important criteria. What exactly are they? How can you comply with the law and stay out of the IRS’s gun sights? You’ll find out when you read … [Read more...]
Seven answers to your Section 199A questions
The Tax Cuts and Jobs Act added a new tax code Section 199A that gives business owners of pass-through businesses a possible 20-percent tax deduction on business income. Sounds good, And it is good. But as you can imagine, some important questions arise that need definitive answers. In this issue of the Tax Reduction Letter we’re going to ask the questions that our … [Read more...]
Six 2018 last-minute year-end medical and retirement deductions
2019 is almost here. But there’s still time to act now and save money on your 2018 taxes. My advice? Take a few minutes to review two retirement and four medical tax-reduction strategies that I’ve provided in my new article. Who knows? You may keep thousands of dollars that belong in your pocket. Not in Uncle Sam’s. But remember. The clock is ticking so act now and read … [Read more...]