Reasonable Compensation
Reasonable Compensation The two primary ways of taking money out of a C Corporation is as compensation for work or as a dividend; each has different tax consequences. Salaries and bonuses are deductible by the corporation and taxable to the recipient employee, whereas dividends are not tax-deductible by the C Corporation and are taxable to […]
Don’t Be Duped by Clever Scammers
Article Highlights: Scammers disguise e-mails to look legitimate. Legitimate businesses and the IRS never request sensitive personal and financial information by e-mail. Don’t become a victim. Stop – Think – Delete Be alert for phony letters and phone calls You may think we harp on you a lot about protecting yourself against identity theft and […]
Deductions for Investors
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Employee Vs. Independent Contractor
Employee Vs. Independent Contractor Whether you hire someone as independent contractors or as employees will impact the amount as well as the types of taxes you will pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents must be […]
Deducting Investment Interest
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Do I Have to File a Tax Return?
Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there […]
Congress Allowing Higher Medical Deductions for 2019 and 2020
Article Highlight: Appropriations Act of 2020 Medical AGI Limitations Sometimes Overlooked Deductions Deductible Health Insurance Above-the-Line Health Insurance Deduction for Self-Employed On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about […]
Inheritances Can Be Tricky
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Mortgage Insurance Premium Deduction Retroactively Extended
Article Highlights Appropriations Act of 2020 Amended Return for 2018 Qualifications for the Deduction Qualified Mortgage Insurance On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a […]
Fine Tuning Capital Gains and Losses
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]