Running a business with your spouse? If the answer is “yes,” some thoughtful tax planning can boost your after-tax profits. Big time! In Part 1, we explained how you can slash taxes by operating your business as a proprietorship and hiring your spouse. In this, my latest article (Part 2), you’ll learn how to achieve tax-favored status so you both can work together and pocket … [Read more...]
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How your husband & wife business can save big on taxes
If you’re running your business, along with a spouse, my new article is for you. You see, with a some smart tax planning, you can increase your after-tax profits and keep them where they belong. In your pocket or purse. In this article (Part 1 of 2), we provide valuable information if you’re operating your business as a proprietorship and are the only person who manages and … [Read more...]
How to get big deductions for Long-Term Care insurance
It’s no fun to think about getting sick and needing long-term care insurance. So here’s a happier thought… If you’re in business, you can probably claim a huge tax deduction for long-term care insurance. In fact, you might be able to claim a 100% deduction. And if you’re married, the 100% deduction can include your spouse! With the cost of long-term care skyrocketing, now’s … [Read more...]
Section 105 deductions for owners of multiple businesses
Do you and/or your spouse own more than one business? If you do, you have to know how to apply the Section 105 medical reimbursement plan discrimination rules. First and foremost, you have to look at all the businesses you own as if they were one business. And that’s just for starters. It’s easy to find out more. All you have to do is read my new article titled Tax … [Read more...]
How an “innocent spouse” can avoid taxes
When a husband or wife cheats on taxes, guess who is liable for the unpaid taxes and penalties? The answer is that BOTH spouses are legally responsible. However, there is a ray of hope for the innocent party. Thanks to new guidance given by the IRS, it’s now easier for the non-cheating spouse to avoid financial responsibility. I hope your spouse is honest, but if there ever … [Read more...]