October 2020

06 Oct Vehicle Titled In Your Name-Here’s How to Deduct Costs!

Posted at 11:03h in Uncategorized

Do you operate your business as an S or a C corporation? Do you drive a vehicle titled in your personal name for corporate business? Beware. The Tax Cuts and Jobs Act (TCJA) changed the rules for tax years 2018-2025. Before the TCJA, you had to pay attention...

06 Oct S Corporation Salary Guidelines-Must Read!

Posted at 11:00h in Uncategorized

You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will...

06 Oct New Payroll Tax Deferral-Should You Participate?

Posted at 10:57h in Uncategorized

If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of...