By month:March 2008
If you are single, forming an S corporation can be your “no-hassle spouse.” Rent from the corporation, and you can save money in self-employment tax.
The major tax benefit to operating your business as an S corporation is the possible savings on self-employment taxes. As a single-owner or husband-and-wife-owned business, an S corporation might be right for you.
The two most magic words in tax law are “safe harbor.” Why? Clarity! There is nothing better than true clarity in the tax law. The IRS has created a safe harbor for exchanges of homes, and gives us very clear parameters on how to use them.
The IRS posted its new luxury limit tables for autos. Also, new vehicles bought in 2008 qualify for the 50% bonus depreciation from the stimulus package.
Learn from one taxpayer’s court case: know the rules about renting to your corporation before claiming passive income.
One taxpayer is in big trouble: he owes $61,000 in overdue taxes. Why? Bad records. We give him recommendations on what to do, but he is not in good shape.
A continuing education group of dentists is going on a fishing trip to Alaska. We help them make the trip deductible by going over the nuts and bolts to make it substantive in scope and content.