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There are generally tax strategies that can work for you and your business, if you understand the tax code. The Health Savings Account is a powerful part of a health care strategy because: saves you $$$ through lower taxes grows tax-free gives you a chance to take control of...

If you operate your business as an S Corporation, you will need to follow the accountable plan rules to lock in your home office deductions. The accountable plan  or reimbursement method is essentially an expense report that must be submitted to your corporation. Other ways to...

Let me introduce you to the Section 105-HRA--created from the IRS Section 105 medical reimbursement plan and the health reimbursement arrangement (HRA). This plan provides the best possible medical reimbursement plan. To qualify you must have only 1 employee and operate your business as: Proprietorship reporting on...

  Finally, the health insurance rules that apply to small businesses make more sense and allow some benefits.   Beginning January 1, 2017, you can install a new qualified small employer health reimbursement arrangement (QSEHRA) and start helping your employees pay for their health insurance and other medical...

If your business withholds taxes from its employees and does not pay them, your business and possibly yourself are exposed to substantial liabilities. The IRS trust fund recovery penalty can make you personally liable for the unpaid trust fund taxes for your business. Trust fund taxes...

This article examines a failed rental property purchase and the related tax consequences. Tom Jones lives in Philadelphia, PA and travels to Florida to purchase a rental property. He enters into a contract and that includes a nonrefundable deposit to secure the transaction, and spends $1300...