I’d like to be a straight shooter and tell you that you can deduct the handgun you carry for business protection. But this is a tricky area. In fact, there’s just ONE court case that deals with this issue. If you want to find out more about this subject, I urge you to read my latest article titled Tax Tips: Can I Deduct My Handgun? Three ways our fact-filled article can help … [Read more...]
How your Roth IRA can own a tax-advantaged DISC
The Domestic International Sales Corporation (or DISC) was created by the U.S. Congress to encourage the export of U.S.-made goods through the tax law. Shareholders of a DISC receive reduced income tax rates on qualifying income from such exports. One of the nice features of a Roth IRA is that it can have an interest in a DISC and, as a result, reap some substantial … [Read more...]
How to audit-proof your S corporation salary
If you’re the owner of an S corporation, you can save a lot of money on self-employment taxes. How? By paying yourself a low salary and taking the remaining profits as distributions which are not subject to the self-employment tax. But as is often the case with the tax code, the devil is in the details. Which is why I urge you to read my must-read new article titled Tax … [Read more...]
How to prevent payroll embezzlement
Watch out! The wages you think you’re paying to your employees, and the payroll tax deposits you think you’re sending to the IRS, may be going straight into an embezzler’s pockets. That’s why it’s so important for you to read my brand new article titled Tax Tips: Prevent Payroll Embezzlement. Three ways our fact-filled article can help you: We’ll tell you three easy ways … [Read more...]
Is a SEP right for you?
In Part 2 of our discussion of the best small-business retirement plans, we take a close look at the Simplified Employee Pension (SEP) option. It’s the defined contribution plan that’s the easiest to live with. But will a SEP meet your specific needs? You’ll find out when you check out my latest article titled Tax Tips: The Best Small-Business Retirement Plans: Part 2, the … [Read more...]