Ivy Ting-Wimberly

QBI Issue When Your S Corp Is a Partner in a Partnership

QBI Issue When Your S Corp Is a Partner in a Partnership It’s common to consider making your S corporation (versus yourself) a partner in your partnership: it saves you self-employment taxes. Does this affect your Section 199A deduction? It does. Guaranteed payments...

Avoid This S Corporation Health Insurance Deduction Mistake

Avoid This S Corporation Health Insurance Deduction Mistake If you own more than 2 percent of an S corporation, you have to do three things to claim a deduction for your health insurance: You must get the cost of the insurance on the S corporation’s books. Your S...

Know These Tax Rules If Your Average Rental Is Seven Days or Less

Know These Tax Rules If Your Average Rental Is Seven Days or Less If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with...

Combine Home Sale with the 1031 Exchange

Combine Home Sale with the 1031 Exchange You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The tax-saving strategy is to...

Backdoor Roth IRA Opportunities Still Available After TCJA

TCJA Tax Reform Sticks It to Business Start-Ups That Lose Money Good news. The Tax Cuts and Jobs Act (TCJA) didnot harm the backdoor Roth strategy. As you likely know, the Roth IRA is a terrific wayto grow your wealth with a minimum tax downsidebecause you pay the...