Are you running your business as a sole proprietorship or S corporation? Then I’ve got important news for you… Thanks to recent tax reform, a properly structured spousal partnership can actually serve as a better choice of business structure. If you want to learn how adding your spouse as a partner in business can significantly cut your taxes, read my new article titled … [Read more...]
Self-employment Tax
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When to avoid a 1031 exchange
As you may know, a Section 1031 exchange can serve as a highly effective tax strategy. How? By helping you defer paying taxes. Always a good thing. What you may not know is that there are two times when a 1031 exchange can work against you. Want to learn how to steer clear of two traps the IRS has set for you? Read my new article titled Tax Tips: The TWO Times to … [Read more...]
Live and work abroad and pay no federal tax
Here’s good news if you’re self-employed (or are an employee) and live and work abroad … You may be able to exclude most, if not all, of your earned income from United States taxes. That’s right. If you take advantage of the “foreign earned income exclusion,” you can avoid taxes up to $101,300 of 2016 earned income. And that’s just for starters. Want to find out more … [Read more...]
Selling your business with a noncompete agreement
When you sell your business, the buyer may insist on a noncompete agreement. And you can’t really blame them. They don’t want to buy your business and then discover that you’ve opened a competing business down the street the next day. But be careful! The noncompete agreement you sign has very real tax consequences for the buyer’s tax bill … and yours. If you want to … [Read more...]
How to avoid costly Section 179 “recapture”
Did you take the Section 179 deduction on the tangible property you bought for your business? Good move … but be careful! You see, the deduction comes with strings attached and if you don’t comply with the tax law, Uncle Sam can show up and “recapture” a lot of money. We’ll show you how to avoid problems and stay on the right side of the law when you read my new article … [Read more...]