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...]
Self-employment Tax
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How to save your self-employed health-insurance deduction
If you’re a sole-proprietor, you need to read my new article now! Why? Because the IRS has laid a trap for you that could cost you your self-employed health insurance deduction. The truth is, all too many sole-proprietors learn about this trap at the worst possible moment… when they file their tax returns. If you want to avoid problems and save a lot of money, don’t miss … [Read more...]
It’s not too late if you missed the S-corporation election deadline
Did you miss Uncle Sam’s deadline for converting your business to an S corporation? Well, it’s not too late to make the change and there are many reasons why you may want to do so. You see, when you’re running your business as an S corporation you can save thousands of dollars in employment taxes every year. And that’s just for starters! More good news… Even if you missed … [Read more...]
How S corporation owners can slash their tax bills
Goldilocks wanted her porridge “not too hot” and “not too cold.” She wanted it “just right.” In the same way, as an S corporation owner who wants to pay lower payroll taxes, you should set your salary at a level that’s “just right.” In other words, you should pay yourself an amount that’s… LOW enough to save you money on taxes, but… HIGH enough to keep the IRS happy (and … [Read more...]
A creative way to slash self-employment taxes
Do you operate your business as a sole proprietorship? If the answer is “yes,” you know that Uncle Sam takes a big share of your profits in the form of self-employment taxes. But there’s good news… With the help of your spouse, you can reduce your self-employment tax bill by using an innovative but simple rental strategy. You see, if you rent an office from your spouse, you … [Read more...]