Starting a New Business? Get Up to $100,000 in Tax-Free Money You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to...
Remember to consider your Section 199A deduction in your year-end tax planning. Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review three year-end...
Five things to know about employee in your spouse 1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages You’ll realize no tax savings if you put your spouse on the payroll and pay him or her cash wages. Employee wages you pay your spouse are fully...
Q&A: PPP Forgiveness Answers for S Corporation Owner-Employees Tax law definitions do not apply to much of the PPP, making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. 1. Spouse Owns S...
Use Your Business to Maximize Charitable Donations Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, some forms of giving are much more beneficial to you than are others. As...
Solo 401(k) Could Be YourBest Retirement Plan Option Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could...