What To Do with an Overfunded 529 College Savings Account

You can accumulate federal income-tax-free earnings with a Section 529 college savings plan account. Then, you can take federal-income-tax-free withdrawals to cover qualified education expenses, usually for college. Great! But what if your designated account beneficiary decides not to attend college? What are your options, and what are the federal income tax consequences for those […]

How You Could Gain Tax Advantages Through A Business Gym

If you have been thinking about employee fitness and possibly a gym or other athletic facility, keep reading! To be tax deductible, your gym or other athletic facilities must be primarily for the benefit of your employees—other than employees who are officers, shareholders, or other owners who own a 10 percent or greater interest in […]

Don’t Make These Common Mistakes When Converting to an S Corporation

At first glance, the corporate tax rules for forming an S corporation appear simple, but be careful! HHere is a list of common mistakes to watch out for when converting to an S Corporation. Basic Requirements Here is what your business must look like when it operates as an S corporation: Simple, right? But what […]

You Can Deduct 100% of Your Employee Entertainment Events

When you know the rules, you can have fun with your employees and deduct 100 percent of the cost. The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction: The IRS makes it clear that the above are examples, and that other types of entertainment may also […]

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