Act Now to Qualify for Your 2020 and 2021 ERC Money It’s 2023, but you still have the chance to qualify for the employee retention credit (ERC) for the 2020 and 2021 calendar years. This credit can potentially help you recover a significant amount of money. The ERC is a refundable tax credit against certain…
One Ugly Rule for S Corp Owners Deducting Health Insurance When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages. When calculating the amount eligible for the Form 1040 self-employed health insurance deduction, you must use…
Basic Estate Planning You need an estate plan, regardless of whether or not you are among the ultra-rich. As recent news has shown, even those who have won the lottery or have substantial wealth can fall victim to poor estate planning. While federal estate taxes may not concern you, you need a will to have…
Using Family Loans to Secure Better Home Loan Interest Rates Here’s some information on how you can help a family member buy a home by making a loan to them while ensuring that you and the family member benefit from a tax-smart loan structure. With the current national average interest rates for 30-year and 15-year…
Tax Credits for Electric Vehicles: The Latest from the IRS The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: Purchase an EV, and claim the clean vehicle credit. Lease an EV,…
Take Advantage of the Once-in-a-Lifetime IRA-to-HSA Rollover Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: You can deduct contributions from your taxes. Your account balance grows without being taxed.…
Business Gym for Your Employees, and Maybe You Too 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 individuals who own a 10 percent or greater interest in the business, or other highly compensated employees. For the 10…
If I Hire My Kids, Can I Give Them Tax-Free Education Benefits? If your children work in your business, consider giving them education fringe benefits. Doing this right creates tax deductions for the business, and tax-free fringe education benefits for the child. You can accomplish this without a Section 127 plan when your child needs…
Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss of…
Avoid This Family-Member S Corporation Health Insurance Mistake There are two important issues related to health insurance deductions for S corporations. First, if you own more than 2 percent of an S corporation, there are three steps you need to follow to claim a deduction for health insurance: Step 1. The cost of the insurance…
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