Are you running your business as a partnership? If you are, as a result of the COVID pandemic, you’re probably working at home a lot these days. Well, in our new issue of the Tax Reduction Letter, we’ll tell you the good news about how you and your partner/partners can benefit from the home-office deduction. Yes. Taking advantage of two totally-legal strategies can be … [Read more...]
Working at Home? Don’t Overlook These Deductions
I want you to convert. No. Not your religion! I want you to convert your working-at-home personal assets into business assets. Why? Here’s the story… If you have a deductible office at home (or a non-deductible working space), you’ve got personal assets just sitting there. I’m talking about chairs, desks, antique clocks, and the like. But if you’re using those … [Read more...]
Four PPP Forgiveness Answers for S Corporation Owner-Employees
The IRS often spells out its laws and rules in minute detail. But not so much when it comes to the SBA which governs the Payroll Protection Program (PPP). That’s why S corporation owners are confused, and have important questions about the rules that apply to their businesses. Well, in this issue of the Tax Reduction Letter, we’ll provide straight answers to questions … [Read more...]
All About Limited Liability Companies (LLCs)
What form of business entity makes the most sense for your business? Very possibly it’s an LLC. Sure. Proprietorships, partnerships, and S or C corporations have their strong points. But LLCs also offer tremendous advantages that you really should know about. For starters, LLCs offer huge legal and federal income-tax advantages that can save you a ton of money. Want … [Read more...]
Five Answers to Spending the PPP Money on You and Your Employees
Do you report your business income on Schedule C of your Form 1040? Then your Payroll Protection Program (PPP) loan-forgiveness should move ahead smoothly. Nevertheless, loan-forgiveness questions do arise if you’ve already received your PPP money. If you have questions about spending money on yourself and your employees, you’ve come to the right place. You’ll get … [Read more...]