2015 Tax Insights

Solo 401(K)-What You Need To Know

The one participant 401(k) plan is not a new type of 401(k). It’s a traditional plan covering a business owner with no employees, ot that person and his or her spouse. These plans have the same rules and requirements as any other 401(k) ... (continued)

Rules to Follow With Business Credit Card Charges

Do you use a business  credit or debit card for some corporate expenses? Most of my clients do for travel entertainment, vehicle expenses, etc. Regardless of how you operate as a sole proprietor or corporation for tax purposes, you need to properly document each ... (continued)

7 Misconceptions When Choosing Your Business Entity

There are many issues to consider when choosing the right business entity, its not just researching on the internet for an hour… Here are a few myths that you may consider. 1. An LLC will save me money-WRONG. The Limited Liability Company was designed for ... (continued)

The Best Health Insurance Plan for Solo Owners

Did you know that a C Corporation with one employee is exempt from the Affordable Care Act (ACA)? Yes, the C Corporation can reimburse the owner-employee for the cost of his or her health insurance. However, there is a better plan!! The corporation can ... (continued)

Your Vehicle Tax Benefits-Bonus Depreciation & Section 179

If you buy a large SUV or truck for your business, you can write off the entire business cost in a relatively short time regardless of what lawmakers do with the extenders package in 2015. For the past 10 years Congress has added ... (continued)

Reward Yourself With Tax-Free Supper Money!

Working long hours can be a morale buster for your employees. The tax law provides a benefit that can be a perfect solution for this problem; give them some tax-free cash! This strategy creates value for you and your employees. The best news of all, ... (continued)

Here’s How to Save Significant Taxes and Build A Huge Nest Egg for Your Children

Let’s face it, children are expensive! Smart tax professionals know this, and have tax-wise solutions . Put your children to work in your business and make them earn their own money. This expense provides you with a payroll tax deduction, making this an extremely ... (continued)

Have Independent Contractors? Then This is a Must Read

With the proper planning, you can hire workers on your terms as independent contractors and protect their status before, during, and after an audit! Yes, even during an audit. As you are probably aware of, if the IRS rules that your “independent contractors” are ... (continued)

Corporate Reimbursements to Employees-Tax Avoidance Strategy or Trap

When an employee expends money on behalf of your business, you are allowed to reimburse them and deduct the expense. If you follow the IRS expense reporting rules that are referred to as “accountable plans”, that’s a perfectly acceptable practice. However, if you ... (continued)

Here’s How To Make Your Charitable Donation a Business Expense

If you have a small business and operate as a Schedule C taxpayer or C Corporation, please continue to read this article. You probably see ads all the time soliciting donations for charity telling you its a tax-write-off. Sometimes these claims are true and ... (continued)

2015 Dirty Dozen Tax Scams

On February 6th, the IRS released its 2015 “Dirty Dozen” tax scams list, and also posted the 2015 version of “The Truth about Frivolous Tax Arguments.” Compiled annually, the dirty dozen lists a variety of common scams that taxpayers may encounter during the busy ... (continued)

Why Not Give Your Children a Job This Summer?

Your child or children potentially could be a valuable employee, as well as a significant tax write-off!! This has to be one of the most underutilized tax reduction strategy for small business owners with families. I always make my clients aware of being able ... (continued)

Here’s a 2014 Business Vehicle Strategy That You Probably Were Not Aware Of

Did you buy a 2014 business vehicle in your personal name? To protect your Corporation’s deductions, read this briefing. Even though you may have purchased one or more vehicles in your name, you can still substantially reduce your income taxes with the legal utilization ... (continued)

Here’s How You Turn Your Vacation Into Tax-Deductible Business Travel

Isn’t it about time you took a vacation? You can solve both the time and cash problems when you convert the vacation into a business trip, and deduct your travel expenses. When you travel for business, you can deduct 2 types of expenses: Transportation Expenses. The ... (continued)

ObamaCare and Your Taxes

Here are 5 important points that you should know about the new Health Insurance and your taxes: Watch the mail for From 1095-A. If you enrolled in a Marketplace healthcare plan in 2014, you’ll get this new form in the mail from the Marketplace ... (continued)

Rules You Need to Know for 1099 Filings

If you are a business owner, this is an extremely important briefing. The general rule is that business owners MUST issue a Form 1099-MISC to each person, partnership, Limited Liability Company (LLC),  or Limited Partnership (LP) to whom you have paid $600 in services, ... (continued)