When it comes to the home-office deduction, sole proprietors have it easy. All they have to do is deduct home-office expenses on Schedule C. But what about folks who operate their businesses as S corporations? Can they also take advantage of the home-office deduction? The answer is a resounding “yes!” but you have to know how to play the game. We’ll explain how to come … [Read more...]
Why an HSA beats a traditional IRA!
Ask “What’s the best way to save for retirement?” and most people will mention an IRA. But I think you should first consider an outstanding alternative to the traditional IRA… a Health Savings Account (HSA). Important: Don’t think of an HSA as merely a way to pay for medical bills. In reality, an HSA is a powerful way to turbocharge your retirement savings and in many ways, … [Read more...]
How to qualify for a little-known legal-fees deduction
If you’ve won a lawsuit award or settlement, Uncle Sam will want his share of the money. But if you know how to take advantage of a little-known deduction, you can save thousands of dollars in taxes. Want to keep more of your award or settlement in your pocket? We’ll show you how when you read my new article titled Tax Tips: Minimize Your Tax Bill on Lawsuit Awards and … [Read more...]
Read this before you buy a business!
What’s the smart way to acquire a business? The answer is simple… Buy the target company’s stock and treat the deal as an asset purchase! When you do, both you and the seller benefit tax-wise. But be aware of this important fact… When you’re buying a business, you really have to know what you’re doing. Which is why I suggest that before you do anything, you take a close … [Read more...]
Create an employee-spouse “105-HRA”
It’s a fact… The Affordable Care Act (Obamacare) doesn’t apply to a business that has only one employee. That’s good news. Your spouse can benefit from what I call a “105-HRA” (Health Reimbursement Arrangement). When you design it for your spouse, the plan reimburses him/her for family medical expenses. The reimbursements are business-expense deductible on your tax … [Read more...]