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Tax Tips

S Corporation Reasonable Compensation

Published: January 10 2012

How the IRS and Tax Court Assess S Corporation Officer/Shareholder/Owner Compensation S corps are pass-through entities, whereby the IRS does not tax income at the corporate...

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Giving Tax Friendly Gifts

Published: December 16 2011

As I illustrate below, taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this...

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Checklist of things to do before the end of 2011.

There are many tax-saving steps that can be taken before the end of this year. Here is a list of the most important actions that...

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The Telecommuting Tax Adventure

So you work at home, and communicate with your employer mainly by telephone, e-mail, fax, electronic data transfer, express mail services, etc., you should know...

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Independent Contractor or Employee

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is...

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Keeping life insurance out of your estate

How to make sure the life insurance benefits your family will receive after your death and avoid the federal estate tax.

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Donating a used car to charity

One of the negative aspects of buying a new car is the annoyance involved with getting rid of your old car. Many individuals find the...

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How to qualify as a real estate professional

First, you must materially participate (see below) in a real estate business. The business of renting and leasing realty is a real estate business.

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Your Estate Plan - Business Disposition

Retirement is an event that often triggers one's desire to review his estate plan. Even if your are not ready for a full-scale review, retirement...

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Overview of Various Types of IRA's

At one time, there was relatively little confusion about IRAs because there was only one type available.

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S Corps to reduce self-employment income

Income that you generate conducting your business as a sole proprietorship (or through a wholly-owned limited liability company (LLC)) is subject to both income tax...

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Small employer health insurance credit

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit...

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S corporation as choice of entity

The biggest advantage of an S corporation over a partnership is that as S corporation shareholders you would not be personally liable for...

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Substantiating employee expense account and expense reimbursement arrangements.

You get a better tax result on your own income tax return if your expense account or reimbursement arrangement qualifies as an “accountable” plan. (See...

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Tax aspect of a parent entering a nursing home

Deductibility of long-term medical care services: The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they,...

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Faster write-off for heavy sport utility vehicles (SUVs)

Were cars not subject to the restrictive rules, you would be entitled to a deduction, for a car exclusively used in business, of 20% of...

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The “kiddie tax”

It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax...

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Incentive stock options (ISOs)

The ISO gives you the right to buy 1,000 shares of the company's stock at its fair market value (FMV) at the time of the...

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Alternative Minimum Tax

The tax law gives special treatment to certain kinds of income and allows special deductions for certain kinds of expenses. The AMT was designed to...

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