Ivy Ting-Wimberly

How to Deduct Medicare as a Business Expense

How to Deduct Medicare as a Business Expense Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if you have a high income, and you’re married and both you and your spouse are paying premiums. Fortunately, the premiums...

How to Calculate and Improve Your QBI from a Partnership

How to Calculate and Improve Your QBI from a Partnership A general partner is taxed on partnership income that comes to him or her in the form of guaranteed payments and profit distributions. Profit distributions are qualified business income (QBI) for the Section...

When the Second Office in the Home Is a Principal Place of Business

When the Second Office in the Home Is a Principal Place of Business When possible, you want to claim that your office in your home qualifies as a principal place of business because this classification gives you the home-office deduction, and eliminates commuting from...

Improvement Property Update

Improvement Property Update Qualified improvement property is any improvement to the interior portion of a building that is nonresidential real property (think office buildings and shopping centers) if you place the improvement in service after the date you place the...

Terminating Your S Corporation Election

Terminating Your S Corporation Election Tax reform may have you thinking of changing your S corporation to a C corporation, partnership, or sole proprietorship. With such a switch, you need to consider: How do I terminate the S corporation election correctly? What are...