By month: February 2013
Although personal considerations come into play, the choice between buying and leasing a vehicle for your business ultimately boils down to cost. So it’s essential to understand how to compute and compare the costs and to have the right tools to make those computations easy. This article gives you what you need.
Whether you operate your business as a corporation or as a proprietorship, you need to record your tax-deductible travel expenses in an IRS-approved manner. This means you need to know technically what a receipt is and when you do and do not need one. By the way, the credit card statement is not a receipt. This report explains how to keep your tax records, gives you an easy record-keeping resource to use, and helps you build audit-proof records that prove your travel expenses.
Our rental property analyzer reveals the truth about your rental property and gets you to bottom-line results that you can fully understand. The new higher tax rates impact your rental property. We suspect that you already knew that. But did you know that the higher tax rates could give you a better bottom line (i.e., more after-tax cash in your pocket from the investment)? This article explains how higher taxes work to your benefit.
When you operate your business as an S corporation, you run into some weird tax-deduction rules, like those that apply to health insurance. For example, the S corporation may not deduct the cost of your health insurance as an employee-owner fringe benefit. Then, if you pay for the health insurance personally, you may not personally deduct the cost of the health insurance as a self-employed individual. Tax law has you in a classic catch-22. But there is a workaround that’s very straightforward and beneficial as described in this article.
If you own rental properties, enjoy being in that business, and want to grow that rental property business, you need to know the ins and outs of the Section 1031 exchange. The word “exchange” is misleading; what you really do in a 1031 is sell an existing property and then buy a new property, but you do this using an exchange intermediary. It’s easy and the intermediary is not expensive. In this article you will learn how to avoid Mr. Adams’s fate as we follow him to court with an exchange that involved a rental to his son that raised issues with the IRS.
Employees complicate your retirement plan design, but you have many design options. This article takes you through six plan designs that open your eyes to the many possibilities you have to ensure that you get from your retirement plan the maximum retirement benefits you want.
Are the S corporation dividends (technically distributions) taxable? If so, how does that work on my personal tax return, and how do I then get the money out of the S corporation?