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Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020.   The IRS is now ready...

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee.   But the tax savings may be a mirage...

All small-business owners with one to 49 employees should have a medical plan in their business.   Sure, the tax law does not require you to have a plan, but you should.   Most of the tax rules that apply to medical plans are straightforward when you have fewer...

Here’s an easy question: Do you need more 2020 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...

Here’s an easy question: Do you need more 2020 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...

The purpose of this Blog is to get the IRS to owe you money.   Here are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020.   Prepay Expenses Using the IRS Safe Harbor   You just have to thank...

  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...

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...