It’s a fact. Your S Corporation may not give you the tax-free fringe benefits you want. In the good old days, the S Corporation avoided double taxation, reduced self-employment taxes, and also gave you a bunch of fringe benefits. Well, sadly, the good old days are long gone (since 1982). Which means that when the S Corporation is your 2011 business entity of choice, you have … [Read more...]
Section 105 medical plan
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Changes in the Section 105 vitamin deduction
The new health care law changes the requirements for deducting vitamins in your Section 105 medical reimbursement plan. Want to download the most current sample plan as a Word document? It’s easy. You’ll find the link in our latest article titled Tax Tips: New Health Care Law Requires Strategy Change for Section 105 Vitamin Deduction. Three ways our fact-filled article can … [Read more...]
Bad news from the IRS re: the new health law
New guidance from the IRS on the new health care law is a major downer. Why? Because it says that the owner of a business may not claim the 35 percent tax credit on the health insurance premiums paid to cover his or her spouse. What does this mean to you? You’ll find out when you read my important new article called Tax Tips: IRS Says No Tax Credit on Health Insurance Premiums … [Read more...]
12 Last-Minute Tax Tips (unrelated to vehicles)
2011 is almost here, but that doesn’t mean that you can’t save a bundle in 2010! If you are looking for some great IRS-approved ways to slash your taxes, my new article makes “must” reading! To see my valuable tips, check my new article titled Tax Tips: 12 Last-Minute Tax Tips Not Related to Vehicles for 2010. Three ways our fact-filled article can help you: We’ll tell … [Read more...]
Tax tips on the IRS Section 105 medical reimbursement plan
Important news! The IRS has just clarified the Section 105 medical reimbursement plan rules for deducting over-the-counter drugs in 2011. That’s right. In Notice 2010-59, the IRS clarified the new definitions and considers this guidance to have the force of regulations. If your business wants to stay in compliance with the 2010-2011 requirements, read our new article titled … [Read more...]