You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay...
Last December, the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans....
Okay, so you took the big Section 179 expensing deduction on your vehicle. How do you keep it? You might wonder: What do we mean by “keep it”? In tax law, there’s no free lunch. The Section 179 deduction comes with “recapture strings” attached. When you claim your...
How do you avoid losing money by making the wrong choice? You may not have considered the choices you have for deducting the assets that you buy for your business. Example To create some perspective, let’s say you have seven employees who now work at least two...
When it comes to vehicles, there’s much to think about. For example, the rules on vehicle trade-ins have totally changed. TCJA made the trade-in of your vehicle on a replacement vehicle a taxable event. Example To illustrate, let me tell you about a trade-in...
What is the unpardonable sin in an IRS audit? Suppose you just received a letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? What one record makes the...
