November 2019

25 Nov Vehicle Titled in Your Personal Name-Here’s How to Structure CORPORATE Deduction

Posted at 00:16h in Business Deductions

If you operate your business as a corporation but own the business car personally, you have no vehicle deduction possibility without corporate reimbursement, because the Tax Cuts and Jobs Act does not allow employee business expenses for years 2018 through 2025. Taxpayers Who Did This The Ralph...

16 Nov Year End New Vehicle Purchase? Tax Implications!

Posted at 22:59h in Business Deductions

Here’s an easy question: Do you need more 2019 tax deductions? If yes, continue on. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement...

09 Nov New Individual Coverage HRA has Much to Offer to Small Business

Posted at 11:46h in Business Deductions

The new individual coverage HRA (ICHRA) has much to offer a small business (businesses with fewer than 50 employees). In this client letter, we give you nine insights into the new ICHRA. Insight 1. Application of the Class Size Rule The class size requirement applies only if you...

04 Nov Retirement Plan + Medical Year End Tax Strategies

Posted at 11:45h in Business Deductions

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Here are the six strategies that you can implement before the end of the year. Five...

04 Nov Year End Tax Strategies for Your Business

Posted at 11:40h in Business Deductions

The purpose of this letter is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less...