Recent changes to the tax code were designed to help businesses weather the pandemic. Be sure you don’t miss an opportunity to reduce your tax burden. The CARES Act and the COVID-19 Related Tax Relief Act of 2020 provided a number of opportunities to help businesses get through the pandemic economy. Now that it’s tax […]
Who wants to pay more taxes than they absolutely have to? We thoroughly study current tax law so our clients don’t miss any opportunities to reduce their tax burden. Who wants to pay more taxes than they absolutely have to? I don’t know anyone and certainly not our clients. That’s why we thoroughly study current […]
Are you getting married or divorced? If so, you need to know the year-end rules that apply in case you want to grab some extra tax savings this year. If you have children under the age of 18 and file your tax return as a proprietorship or partnership, you can find big savings in the […]
The purpose of this blog 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 in taxes. This blog gives you five powerful business […]
Reduce S Corporation Owner’s Wages — As the owner of an S corporation, you can legitimately cut payroll taxes by thousands of dollars by paying yourself a lower salary and taking the rest of your income as distributions. But you need to make sure that you don’t drop your salary below what the IRS considers “reasonable […]
In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client and prospect business meals if the expense is an ordinary and necessary expense […]
If you are looking for a tax deduction, giving to charity can be a “win-win” situation. It’s good for them and good for you. Before tax reform, you could take a deduction for your cash charitable contributions totaling up to 50% of your adjusted gross income (AGI). The new tax code has increased that limit […]
Tax reform made a lot of good changes in the tax law for the small-business owner. But the changes to the net operating loss (NOL) deduction rules are not in the good-changes category. They are designed to hurt you and put money in the IRS’s pocket. Now, if you have a bad year in your […]
Question: I have two rental properties with triple-net leases. They generate taxable income each year. Can I get the 20 percent deduction for them? Answer: We don’t have a clear answer for you, so we are going to go with maybe. As you’ll see, we need more information. Triple-Net Lease A triple-net lease requires the […]
The new IRS proposed regulations confirm that the S corporation treats as wages the reasonable compensation that it pays to its shareholder-employees. That’s good, and it opens planning opportunities. Even better! Some commentators had claimed that wages to an S corporation did not count for the Section 199A wage calculation or that it was necessary […]