Have you decided not to take the home-office deduction because you thought your home was too small? Well, think again. You see, when it comes to a home office, size doesn’t matter to Uncle Sam. This means you can qualify for the home-office deduction even if you live in a cramped studio apartment or a tiny house! If you want to learn how to turn a small space into a huge … [Read more...]
How S corporation owners can slash their tax bills
Goldilocks wanted her porridge “not too hot” and “not too cold.” She wanted it “just right.” In the same way, as an S corporation owner who wants to pay lower payroll taxes, you should set your salary at a level that’s “just right.” In other words, you should pay yourself an amount that’s… LOW enough to save you money on taxes, but… HIGH enough to keep the IRS happy (and … [Read more...]
Great news from the IRS for rental-property owners
It’s true. The IRS actually does have great news for you! You see, Uncle Sam has just decided to help out rental-property owners who’ve used the rental property as their principal residence. Here’s the story in a nut shell… Thanks to the latest IRS advice, when you sell your rental property you could end up with a negative total tax on the sale. Getting this “negative” tax … [Read more...]
The smart way to pay for employee health insurance
It’s true that the Affordable Care Act lets you pay for your employees’ health insurance. But to do so, you have to increase their taxable compensation. That’s no bargain because doing so means higher taxes for both you and your employees. Ouch! Want to learn tax-advantaged ways to pay for employee health insurance without violating the Affordable Care Act or exposing … [Read more...]
How to buy a historic building with tax credits
Would a unique historic building be perfect for your office? It may be a lot more affordable than you think. You see, the federal government and state governments want you to rehabilitate these historic buildings -- and they give you an attractive financial incentive to do so. Here’s their deal… If you invest in and restore a historic building, federal and state … [Read more...]