Jun 19, 2023 | Tax Tips
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...
Jun 14, 2023 | Tax Tips
There are several tax implications that you need to be aware of when shutting down a C corporation. 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...
Jun 14, 2023 | Tax Tips
As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may not be wise when considering taxes because it puts you at...
Jun 14, 2023 | Tax Tips
If you have an office in your home that qualifies for the home-office deduction and you employ a cleaning lady who maintains both your home and your home office, there are a couple of tax considerations to keep in mind. The amount you pay your cleaning lady for her...
Jun 14, 2023 | Tax Tips
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...
Jun 14, 2023 | Tax Tips
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...
