Tax Tips For Newly Married Couples
Congratulations, newlyweds! While it may not have been on your registry, we’re pretty sure you’ll appreciate the gift of these tips to help you avoid trouble at tax time: Has it Been a Year Already? If you were married anytime in 2016, the IRS considers you to be married for the full year, so you both should adjust your tax [...]
Sell Your Home to Your Corporation
You may or may not be thinking of converting your personal home to a rental property, but if you are, please discuss this with us before you take action. You likely have some planning opportunities available on this conversion of your home to a rental that can improve the rental profits. One possible strategy is to create an S corporation [...]
Follow These Rules For Your IRA
Setting up an Individual Retirement Arrangement (IRA) for your retirement can be a good investment, but it’s not a simple process. Watch out for these common mistakes from the start: Not getting professional advice - Don’t try to do it on your own. Accountants and financial planners, have studied the complex financial and tax rules for retirement vehicles. Naming the [...]
Save Taxes by Implementing Health Savings Account for Your Business
The health savings account (HSA) is just one of many possible health plans that you could use. HSA has some benefits for you personally—or for you and your employees, if you implement an HSA plan in your business. Here’s a very tight summary of how the HSA works: Deduct the health insurance cost. To enable the HSA, your health insurance [...]
Home Office Deduction
The home-office deduction is becoming more and more popular, and we thought you would like some insights. The tax code gives you only four ways to qualify for the home-office deduction: Cash register - Principal place of business (the office from which you make the cash register ring). This method of qualifying is generally referred to as the Soliman rule. Administration [...]
Domestic Production Activities Deduction
You may not think of yourself as a manufacturer, but you might nevertheless qualify as one under tax law. There is a deduction for manufacturing that applies to a much broader array of activities than you would think. There’s no catch and no recapture associated with this deduction—it’s just extra cash for your wallet. The deduction, in general, is for [...]