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Category: Corporate Tax Filing

Solo 401(k) Could Be Your Best Retirement Plan Option

Solo 401(k) Could Be Your Best Retirement Plan Option

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...
Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate? Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might...
Avoid This S Corporation Health Insurance Deduction Mistake

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...
Backdoor Roth IRA Opportunities Still Available After TCJA

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...
Terminating Your S Corporation Election

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...