The Tax Court works in mysterious ways. And sometimes (though not often enough) it works in your favor. That’s what happened recently when the 10th Circuit Court of Appeals reversed the Tax Court’s “Shellito decision” which we discussed in a prior article. The reversal meant that Milo and Sharlyn Shellito were able to reap $20,208 in Section 105 plan deductions! And the … [Read more...]
Section 105 medical plan
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More on how husband & wife businesses can save on taxes
Running a business with your spouse? If the answer is “yes,” some thoughtful tax planning can boost your after-tax profits. Big time! In Part 1, we explained how you can slash taxes by operating your business as a proprietorship and hiring your spouse. In this, my latest article (Part 2), you’ll learn how to achieve tax-favored status so you both can work together and pocket … [Read more...]
Update on the Section 105 medical reimbursement plan
If you’re married, a Section 105 medical reimbursement plan can help keep money in your pocket, not Uncle Sam’s. But you don’t have to be married to get a nice tax break from the IRS. The fact is, unmarried and same-sex couples can also benefit from the proprietorship’s or one-owner C corporation’s health reimbursement plan. Want to find out more? Easy. Just read my new … [Read more...]
How your husband & wife business can save big on taxes
If you’re running your business, along with a spouse, my new article is for you. You see, with a some smart tax planning, you can increase your after-tax profits and keep them where they belong. In your pocket or purse. In this article (Part 1 of 2), we provide valuable information if you’re operating your business as a proprietorship and are the only person who manages and … [Read more...]
How to get big deductions for Long-Term Care insurance
It’s no fun to think about getting sick and needing long-term care insurance. So here’s a happier thought… If you’re in business, you can probably claim a huge tax deduction for long-term care insurance. In fact, you might be able to claim a 100% deduction. And if you’re married, the 100% deduction can include your spouse! With the cost of long-term care skyrocketing, now’s … [Read more...]