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...]
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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...]
Does an S Corporation make sense for you?
When you’re choosing a tax-deduction entity for your business, there are many ways to go. You can set up your business as an S corporation, sole proprietorship, single-member LLC, or C corporation. But which one is right for you? Which meets your specific needs and goals? In my new article, the fourth in a series that began in November, 2011, we’ll take a close look at the S … [Read more...]
Advantages of a Single-Member LLC
Should you operate your business as a corporation, proprietorship, or single-member LLC? In my new article, the second in a series, I’ll explain the advantages and disadvantages of the single-member LLC. This form of business organization provides corporate-level liability protection for the business owner plus taxation as a sole proprietorship. Want to find out more? Check … [Read more...]
The IRS admits it got it wrong
Nobody’s perfect. Including (as if you didn’t know) the IRS. But when they make a mistake, the IRS admits it and this can be very good news for you. You see, in the past, the IRS said that after December 31, 2008, single-member LLCs were subject to corporate payroll tax treatment. Now the IRS and the Treasury Department admit that they did not intend to eliminate the … [Read more...]