_________________________________________________Let’s start with a definition. A “statutory employee” is an independent contractor who is treated as an employee by statute for the purposes of tax withholding. _________________________________________________ Are you a “statutory” employee? Then you should know that, if you’re qualified, you can create a Section 105 … [Read more...]
Self-employment Tax
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2019 Last-Minute Vehicle Purchases to Save on Taxes
I’m an accountant, not a car salesman, but I want to make this high-pressure sales pitch right now… “My friends, if you need a replacement business car, SUV, van, or pickup truck, now is the time to buy!” Why? Because if you act promptly, you can take advantage of some extremely valuable deductions. But don’t forget … you have to own the vehicle and place it in service … [Read more...]
Converting Your Residence into a Rental Property: Tax Issues
As you probably know, residential real estate prices are way up in many parts of the country. Rental rates are also very high. That’s why you should consider buying a new residence and converting your current residence into a rental property. Why make this move? Because you can very possibly sell your rental property down the road for a much higher price! But … [Read more...]
Free checklist: 10 proven tax-reduction strategies for sole proprietors
All Sole Proprietors! Act now and get your FREE “Sole Proprietor Checklist” Get 10 proven strategiesfor slashing your Schedule C taxes! (No risk. No obligation. No charge.) Dear Sole Proprietor: Careful! You may be overpaying thousands of dollars in taxes! That’s right. Unless you know how to take advantage of the U.S. tax code, you may be paying the IRS a lot … [Read more...]
QBI and Self-Employment Tax Savings for S Corp. as a Partner
Here are three important questions for S corporation owners: Do you own 100-percent of your S corporation?Is your S corporation a partner in one or more partnerships and does it receive a combination of guaranteed payments and ordinary pass-through income from these partnerships?Do you draw a salary from the S corporation for the services you perform for those … [Read more...]