Do you operate your business as an S or C corporation?
Do you reimburse yourself (the owner-employee) and/or your employees for the business expenses you or they incur?
If you do, you could be losing thousands of dollars worth of tax deductions as I’ll explain in my new article.
You see, if you don’t follow the IRS’s expense reporting rules (“accountable plan” rules) you’re exposing yourself and your employees to unnecessary taxes. Taxes that can add up to many thousands of dollars.
Be alert. The accountable plan rules apply to proprietorships, too.
Want to stay out of trouble and keep your hard-earned money in your pocket where it belongs? Read my new article titled Tax Tips: Don’t Let Expense Report Blunders Trigger Unnecessary Taxes, Punishing You and Your Employees!
Three ways our fact-filled article can help you:
- We’ll show you how to reimburse employees the right If you don’t have a proper accountable plan, the IRS treats the reimbursements as wages for tax purposes. And this will trigger additional employment taxes for both you and your employees. If you want to stay on the right side of the law, don’t wait. Read the full article.
- You’ll learn the consequences of being both an owner and an employee. If you operate your business as an S or a C corporation, you are an employee of the corporation. Which means you and the corporation have to follow the accountable plan rules when you incur expenses on behalf of the corporation. If you don’t, you’ll incur severe penalties. We’ll show you how to avoid them when you read the full article.
- We’ll explain the four accounting plan rules you need to know now. Fact: It’s vitally important that you create a written accountable plan that you can show your friendly IRS agents if they come calling. The four rules you’ll need to document will be fully explained when you read the full article.