Some business owners can employ a spouse and work happily together. Other business owners just can’t work with their spouse. If you’re a person who can employ your spouse and make it work, I’ve got some good news for you. You may be eligible to use some terrific tax-saving strategies. As we’ll explain below, the key to making these strategies work is to use benefits … [Read more...]
Self-employment Tax
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Making Smart Selections from the COVID-19 Tax-Relief Buffet
As you know, the government is spending trillions of dollars to help you and your small businesses stay in business. What you may not know is that you have to be very careful when choosing the right form of financial assistance. Why? Because there’s a buffet of tax-relief offerings to choose from. And some of them conflict with other federal relief measures that might … [Read more...]
Husband-Wife Partnerships: Three Tax-Saving Strategies—Part 2
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ In Part #1 of our article titled Husband-Wife Partnerships-The Tax Angles, we … [Read more...]
Should You Operate Your Business as a Partnership (or an LLC Taxed as a Partnership)?
What form of business makes the most sense for you? A general partnership? A multi-member LLC taxed as a partnership? An S corporation? A C Corporation? In this article posted with the Tax Reduction Letter you will get a close look at multi-member LLCs treated as partnerships for tax purchases. Why? Because the multi-member LLC option will almost always be the … [Read more...]
Dynamex Causing Incorrect W-2 Classifications for Independent Contractors
The California Supreme Court made an important ruling in the Dynamex case. The court’s decision means that you could inadvertently improperly reclassify your independent contractors and make them suffer needlessly. The Dynamex decision and subsequent new California law causes trouble not only in California but throughout the country. If you have independent contractors … [Read more...]