Thinking of turning your sole proprietorship into a corporation? This could be a great idea — but be careful! You see, when you incorporate your business, you have to decide which assets you want to transfer to your new corporation and which you want to keep in your own name. For some assets, you get better tax benefits and better liability protection when you don’t transfer … [Read more...]
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How to get a deduction for your “entertainment facility”
Happy New Year! I don’t know what New Year’s resolutions you’ve made, but I’ve resolved to keep doing all I can to cut your tax bill in 2014… and I want to get started right now! Let’s kick off the New Year with some great ideas about how to make an entertainment-facility tax deductible to you and tax free to your “rank-and-file” employees. What does the IRS mean by an … [Read more...]
10 last-minute vehicle tax deductions
The clock is ticking and soon it will be 2014. This means that if you’re thinking about buying or selling a business vehicle, you better get moving! You see, to take advantage of all the tax deductions coming to you, you have to own the vehicle and place it in service before midnight, December, 31. Want to learn how to use 10 last-minute 2013 tax deductions by buying and … [Read more...]
The truth about Obamacare and Section 105 plans (HRAs)
The Affordable Care Act (Obamacare) is about 20,000 pages long. So if you haven’t personally read the passages dealing with changes to Section 105 medical reimbursement accounts (HRAs), no one can blame you. Luckily for you, we’ve done the research on the subject and are happy to share it with you. The punch line is that there’s good news and there’s bad news. If you are … [Read more...]
How to avoid mistakes converting to an S corporation
The corporate tax rules for creating an S corporation look pretty simple. But looks can be deceiving. In fact, the tax code is full of little-known rules that can bite you if you haven’t done your homework. That’s why I suggest you check out my new article which has two purposes… It can help you avoid the potholes that will knock the wheels off your S corporation. (For … [Read more...]