The recently passed tax-reform law has a lot to say about fringe benefits for shareholder-employees who own more than 2-percent of their S corporations. The good news? Federal tax law lets you treat the cost of fringe benefits as deductible expenses for your S corporation. The bad news? If you’re a more than 2-percent shareholder, you may have to pay additional taxes … [Read more...]
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Tax Reform Increases the Tax Benefits of Employing Your Child
Sure. Tax reform has had its downsides, but it also provides some substantial money-saving benefits for business owners. For example, if you (or you and your spouse) own a business, your children can dramatically increase tax benefits for both you and them. That’s a win/win situation too good to pass up! Want to find out how to put a totally legal “hire your child” strategy … [Read more...]
Get paid for hiring your child!
Want to get a tax deduction for yourself and tax-free income for your youngsters? It’s child’s play when you hire them to work for your proprietorship or partnership. That’s right. There’s lots of money to be made and saved if you know how to play the game and keep the IRS happy. Luckily, we do, and we’ll pass on all our money-saving knowledge to you when you read my new … [Read more...]
Don’t miss these tax-free fringe benefits!
The IRS has some good news for you. You read that right. Some good news from the IRS and here it is… Under the “de minimis” fringe-benefit rules, your business can deduct the cost of giving you and/or your employees, flowers, fruit, books, or similar property. And recipients get these gifts tax free! Want to learn more about the regulations that govern these de minimis … [Read more...]
How to survive an employee classification audit
Hiring independent contractors instead of W-2 employees can save you a lot of money. How? By letting you avoid paying Social Security and Medicare taxes, state unemployment compensation insurance, workers’ compensation insurance, and more. But be careful! If the IRS conducts an employee classification audit and finds that your independent contractors are really … [Read more...]