Which tax-advantaged health account should be part of your benefits package? On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Also available are Health Savings […]
Small Business Tax Advice
Accelerate your retirement savings with a cash balance plan
Accelerate your retirement savings with a cash balance plan Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a […]
Timing strategies could become more powerful in 2017, depending on what happens with tax reform
Timing strategies could become more powerful in 2017, depending on what happens with tax reform Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially […]
2 ways spouse-owned businesses can reduce their self-employment tax bill
2 ways spouse-owned businesses can reduce their self-employment tax bill If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, […]
Should your business use per diem rates for travel reimbursement?
Should your business use per diem rates for travel reimbursement? Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long as employees properly account for their business-travel expenses, […]
Tax planning critical when buying a business
Tax planning critical when buying a business If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a […]
