The Affordable Care Act (ACA) does not apply to a business that has only one employee. This opens the door (likely regardless of what lawmakers do with the ACA) for what we are going to call the 105-HRA. We created this name from its two predecessors: 1. The Section...
I know that you have been thinking about employee fitness and the possibility of a gym or other athletic facility. To be tax deductible, your gym or other athletic facility must be primarily for the benefit of your employees—other than employees who are officers,...
Roth IRAs tend to get a lot of hype, and for good reason: because you pay the taxes upfront, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free. While we like “tax-free” as much as the next...
Here’s good news for business meals: the Tax Reform removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense...
If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes. Let’s start with the following 10: 1. Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C. 2. Employ...
