The key to retirement security is picking the right plan for your business

The key to retirement security is picking the right plan for your business If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known […]

October 21, 2019


The tax implications of a company car

The tax implications of a company car The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits […]

October 14, 2019


Some business owners can’t participate in their own companies’ HRAs

Some business owners can’t participate in their own companies’ HRAs Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, […]

October 10, 2019


Expenses that teachers can and can’t deduct on their tax returns

Expenses that teachers can and can’t deduct on their tax returns As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses […]

October 9, 2019


Should you elect S corporation status?

Should you elect S corporation status? Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S […]

October 7, 2019