Well, 2014 is here. Which means the new Obamacare tax rules that apply to health reimbursement accounts (HRAs) like Section 105 medical reimbursement plans, are now in effect. IMPORTANT: There are huge changes in the law that you need to know about now. Do not wait to find out what Uncle Sam has in store for you! If you want to find out exactly where you stand, and how the … [Read more...]
The smart way to incorporate your proprietorship
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...]
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...]
Five last-minute ways to cut your taxes (but hurry!)
Well, 2014 is almost here, so there’s no major tax-planning you can do right now. But don’t throw in the towel quite yet. There are some nice year-end tax deductions still available if you take action immediately. Want to take advantage of every last tax break Uncle Sam will allow? Don’t miss my new and final article of 2013. It’s titled Tax Tips: Create Year-End Tax … [Read more...]
How to create year-end medical & retirement plan deductions
Time is running out! The fact is, if you don’t act by December, 31 you may lose some big tax deductions that you can (and should!) lawfully claim. I’m talking about medical deductions and retirement-plan contributions that can be positioned as business tax-deductions — deductions that can slash your 2013 tax bill! In my new article you’ll find six practical, proven strategies … [Read more...]