Working Overtime? Don’t Miss Out on this Fringe Benefit

Working Overtime

Tax law often discriminates against company owners, granting them no or fewer fringe benefits. But you, the owner, are not discriminated against when it comes to supper money. It works like this: That means you can take this benefit for yourself, even as a sole proprietor. You also qualify for this benefit if you operate […]

New 2024 Businesses and Rentals Initiate FinCEN Filings

After years of delays, the first stage of the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. It imposes a new federal filing requirement for most corporations and limited liability companies (LLCs) formed in 2024 and later. The CTA’s purpose is to prevent the use of anonymous shell companies for money laundering, […]

Why Some Business Owners Prefer Individual HSAs

Why Some Business Owners Prefer Individual HSAs

When enacted, the Affordable Care Act (ACA) eliminated most small business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners chose health savings accounts (HSAs) or opted to provide no health coverage at all. As of 2022, over 35 million HSAs were active, with assets amounting to $104 billion. The Devenir […]

Info on the Individual Coverage HRA for Small Businesses

Info on the ICHRA for Small Businesses

If you are thinking about offering your employees the new individual coverage health reimbursement arrangement (ICHRA for small businesses), take a moment to read the insights below. Class size rule. You face the class size rule only if you offer a traditional group health plan to one class of employees and an ICHRA to another. […]

Repair Business or Rental Buildings for Tax Deduction Purposes

Repair or improvements give the best tax benefits?

The distinction between repair expenses and improvement costs can impact your tax benefits. it is important to know the difference between the tax benefits you can receive. You can make repairs to your business building, or make improvements (classified as capital expenditure) and then deduct depreciation. Both have different cash savings. The tax law categorizes […]

Does Your Business Have Fewer Than 50 Employees? Consider the QSEHRA Health Plan

Small business considering a QSEHRA Health Plan

As a small employer (fewer than 50 employees), you should consider the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA health plan) as a good way to help your employees with their medical expenses. If the QSEHRA is indeed going to be your plan of choice, then you have three good reasons to get that QSEHRA […]

Proving Expenses for Business Travel

Here’s some crucial information on how to document expenses during business travel. Corporation or proprietorship? If you operate as a corporation, the corporation should reimburse you for the travel expenses or pay for them directly. Remember, you can’t deduct employee business expenses on Form 1040 anymore due to changes brought by the Tax Cuts and […]

Four Things to Know About Employing Your Spouse

Four Things to Know About Employing Your Spouse

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 employing your spouse. But the tax savings may be a mirage if you don’t pay your spouse the right way. And the arrangement is subject […]

Do you Qualify for the Corporate Owner’s Home-Office Deduction?

Let’s discuss some important information regarding your potential home-office tax deductions. As an owner of a corporation and an employee within that corporation, you may be eligible for a home-office deduction if: you use the office in your home for the convenience of your employer corporation, you comply with the tax code rules for deducting […]

Shutting Down Your C Corporation? Here’s What You Need to Know

If you are approaching corporate liquidation, there are several tax implications that you need to be aware of. Complete liquidation of a C corporation is when it ceases to be a going concern, winds up its affairs, pays its debts, and distributes its remaining assets to the shareholder(s). In tax terms, the corporation redeems all […]

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