Nobody’s perfect. Including (as if you didn’t know) the IRS. But when they make a mistake, the IRS admits it and this can be very good news for you. You see, in the past, the IRS said that after December 31, 2008, single-member LLCs were subject to corporate payroll tax treatment. Now the IRS and the Treasury Department admit that they did not intend to eliminate the … [Read more...]
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The right way to save with a Section 105 plan
Section 105 of the Internal Revenue Service (IRS) regulations lets you reimburse medical expenses under an employer-sponsored health plan. You can even reimburse your employee-spouse. But you have to know what the rules are! In my new article I’ll explain how the appeals court remand of the Shellito case clarifies the Section 105 plan requirements for both employer-spouse and … [Read more...]
Save big on S corporation health care coverage
I’ve got some bad news and some good news… The bad news: Tax law makes it hard for owners of S corporations to win deductions for their health insurance. The good news: If you know what you’re doing, your S corporation can structure its health care coverage so that you get to keep more money in your pocket. Want to find out how? Check out my new article titled Tax … [Read more...]
The right way to deduct your employee party
Want to throw a party for your employees? Go ahead and have a ball, but be sure you use the right deduction category! HINT: Don’t deduct your party as regular “business entertainment.” Instead, learn how the tax law gives you a 100% deduction for your employee party and other employee entertainment. My advice? Before you break out the champagne, read my new article titled … [Read more...]
How to set up a Roth IRA college fund
It’s a fact. Business ownership can give you fat tax deductions for hiring your children and, at the same time, give your children tax-free income. And that’s just for starters. If you handle things right, your children can open Roth IRAs where they can invest their tax-free income in a college fund. Want to learn how to take advantage of this extremely attractive tax … [Read more...]