Go to EFTPS to Check if the IRS Received Your Money
Is your last payment of payroll taxes in the hands of the IRS or in the hands of an embezzler? How would you know? There’s one easy way to know: simply use the IRS’s online service to check. But that’s a bit of trouble, so why bother? Because if the money has been stolen, you (1) are out the original [...]
Common S Corp 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: 1. You must get the cost of the insurance on the S corporation’s books. 2. Your S corporation must include the health insurance premiums on your W-2 form. 3. You must (if eligible) claim the [...]
How to Handle Multiple Rental Real Estate Under the New Tax Law
There’s a lot of confusion out there around your rental activity and Section 199A. Your Section 199A considerations multiply when you have multiple rental activities. Here’s what you need to consider: Are your rental activities multiple trades or businesses, or one trade or business? Can you aggregate the rentals for Section 199A purposes? Do you want to? How does the [...]
The Backdoor ROTH Strategy You Should Know
As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front and then, with the proper holding period, pay no taxes after that. But if you earn too much, you’re completely barred from contributing to a Roth IRA unless you can use the backdoor [...]
Keeping a Good Tax Records Will Save You From IRS – Home Improvement
We are sure there are many parts of the tax code that you don’t like, particularly the parts where you have to keep tax records. Here’s a court case that will help you appreciate the need for good tax records. We know that you don’t like it. But you have to accept it. You are in a business and personal [...]
Purchasing Your Leased Vehicle For Business Is Beneficial
Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed. The TCJA made two changes that mean 100 percent bonus depreciation is available on the vehicle you lease and then purchase, regardless of whether you purchase it during the [...]