Attention S corporation owners! Do you pay yourself with a 1099-MISC? OR Do you pay yourself on both a W-2 and a 1099? If you’re answering “yes,” stop right now and read my new article! You see, you could be in big trouble and face severe IRS problems. Oh, I know. Paying yourself on a 1099 or on a W-2 and 1099 makes your life easier. No payroll taxes. No withholding … [Read more...]
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Put safe harbor expensing to work now!
What are your new year’s resolutions for 2017? To lose weight? To exercise more? Here’s another resolution you should make and act on now. Put your safe harbor de minimus expensing in place! Why is it worth doing so immediately? Because Uncle Sam’s safe harbor eliminates the burden of … Tracking small-dollar cost assets in your books of account Depreciating … [Read more...]
Make the 7-day travel rule work for you!
Want to lie on the beach in Puerto Rico? Or do some skiing in Canada? Uncle Sam will be happy to pay your way. That’s right. Thanks to the IRS’s seven-day rule… When you travel outside the fifty states and the District of Columbia, you can deduct your business transportation costs to and from your destination, even if you work only one day during that trip! So pack … [Read more...]
3 ways to beat the “hobby loss” rules
There are many unfair IRS rules that badly hurt taxpayers. Perhaps the worst of the lot are the “hobby loss” rules. Here’s the story… If your business has produced losses in multiple years, you’ll want to use these losses to offset your other taxable income. But if the IRS decides your business really isn’t a business at all, but instead is a mere “hobby,” you’ll lose your … [Read more...]
Selling your business? Prepare for “due diligence”
If you’re going to sell your business, your prospective buyer will want to check things out carefully before they sign on the dotted line. This investigative process is called “due diligence” and you can’t blame the buyer for wanting to examine the merchandise carefully. The last thing they want is exposure to your business’s liabilities (known or unknown). Want to know … [Read more...]