By month: February 2023

2023 Health Insurance for S Corporation Owners: An Update

IRS Notice 2015-17 permits S corporations to escape the $100-a-day penalties on reimbursements they make to more-than-2-percent shareholder-employees for individually purchased health insurance.

Build Net Worth by Using Depreciable Antiques in Your Business

You really should consider antiques when furnishing your offices or buying a unique second business vehicle. Unlike regular furnishings and vehicles, well-selected antiques increase in value. Also, you can depreciate or even Section 179 expense them. When you run the after-tax numbers, you can easily find that an antique will yield 36 times more after-tax cash than a non-antique.

The SECURE 2.0 Act Creates New Tax Strategies for RMDs

If you have a traditional IRA or other tax-deferred retirement account, the federal government wants you to pay taxes on that money before you die. That why the feds created “required minimum distributions” (RMDs) that are based on your age and mortality tables. The recently enacted SECURE 2.0 Act allows taxpayers to wait longer to start taking their RMDs. And, the new law also reduces the penalties for failing to take RMDs.

IRS Proposes Tax Deductions for Health Care Sharing Ministries

When looking for tax law guidance from proposed regulations, be alert. If the regulations are not effective until finalized as is the case for health care sharing ministries, you could go down the wrong path and find yourself in trouble.

Desktop Reference Download: Taxpayer Penalties—2023

Lawmakers create tax penalties to help ensure compliance with the federal income tax system. You may want this handy two-page PDF on your desktop because it gives you a quick reference to the penalties, penalty amounts, and tax code sections that create the penalties.


Plan Your Passive Activity Losses for Tax-Deduction Relevance

The tax law’s passive-loss rules are pretty much the grim reaper of current-year tax benefits from your rental properties. Note the words “current year.” Those passive losses trapped this year are available down the road. With planning, you might be able to release those trapped tax benefits when you want.

Download Your New 2023 Desktop Reference Guide Now

Download this two-page guide so that you have a handy desktop reference for the 2023 corporate and individual tax rates, estate tax rates, self-employed tax rates, Social Security and Medicare tax rates, capital gains rates, standard mileage rates, standard deductions, luxury auto depreciation limits, and select retirement and IRA limits.

Tractors, Antique or Not, Are Deductible

How many tractors does a farm need? Could it need 46 tractors? The IRS said no, but this taxpayer took the IRS to court and won on the tractor issue.

PDF Download: The Five Most-Read Articles of 2022

Of the dozens and dozens of tax-saving articles published by the Bradford Tax Institute in 2022, there were five that stuck out. Download this PDF to capture the five articles in one document.


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