In our book “Empower Your Business to Reach Its Full Potential, Your Road Map to Planning and Executing a Successful Business”, we discuss the challenges and pitfalls entrepreneurs face when they … [Read more...] about Starting Your Own Business?
IRS Tax Planning Ideas, Tips & News
Is S Corporation Required to Pay Shareholder/Employee a Salary?
Generally when an S Corporation has a shareholder/employee who owns at least two percent of the stock of the S Corporation, the S Corporation is required to pay that employee (and related parties) a … [Read more...] about Is S Corporation Required to Pay Shareholder/Employee a Salary?
Age-Weighted Profit Sharing Plan
Business owners value their employees and want to reward them for their contributions to the business. One way of doing so is to provide a retirement plan for their employees. As a business owner, … [Read more...] about Age-Weighted Profit Sharing Plan
COLI-The ABCs of Company-Owned Life Insurance
“Officer’s life insurance premiums” are not allowed as a deduction on a corporation’s tax returns. Why is this? Is this one of those unfair tax rules? Well, when a corporation takes out a life … [Read more...] about COLI-The ABCs of Company-Owned Life Insurance
Learn Why a Consultant Was Denied Auto and Legal Deductions by IRS
If you ever asked yourself why your tax professional provides you with a tax organizer and requires certain documentation from you to prepare your income tax returns, the case of G.F. Roy (TC Summary … [Read more...] about Learn Why a Consultant Was Denied Auto and Legal Deductions by IRS
Contractor Denied Travel Expenses
An independent contractor’s legitmiate travel costs were found by the IRS to be nondeductible commuting costs and not work-related, resulting in his self-prepared returns being very expensive. The … [Read more...] about Contractor Denied Travel Expenses
