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: -You must get the cost of the insurance on the S corporation’s books.-Your S corporation must include the health insurance premiums on your W-2 form.-You must (if eligible) claim the health
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You’ll find much beauty and little beast in using a single-member LLC for your real estate ownership. Should you use a single-member LLC as a real estate ownership vehicle? That might be a very good idea. Under the so-called check-the-box regulations put out years ago by the IRS, you can generally ignore the existence of
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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
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Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if-you have high income, and-you’re married and both you and your spouse are paying premiums. Fortunately, the premiums can potentially help your tax situation. The dollar benefit of Medicare tax deductions depends greatly on where you can deduct the premiums:-The
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Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense rules. You are going to like these rules. Restaurants and BarsQuestion 1. If,
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Here’s a rule: Protect yourself. Do not engage dishonest tax preparers. And here’s a story that I want you to hear. The government indicted, tried, and convicted tax preparer Gregory D. Goosby of 30 fraud violations where he willfully aided and assisted in the preparation of false and fraudulent income tax returns. Vincent Allen engaged
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Do This to Avoid PenaltiesThanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you have thousands of pages of new tax rules and not a lot of guidance on many of them. Let’s say you want to take a certain tax-deduction position on your tax return, but you think it could go either
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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
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