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Tax Strategy

Paying Yourself – Confused How It Affects Taxes?

By Business, IRS, Payroll, Tax Strategy, Taxes No Comments

If you operate as an S corporation, you have some different compliance hoops to jump through then if you were a sole proprietor or had created a partnership structure. One of those “hoops” is making sure you are paying a “reasonable” wage to yourself. The IRS says, “An S corporation shareholder who performs more than minor services for the corporation will be its employee for…

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Small Business Owners Should be confused about medical benefits to Employees

By Business, Tax Strategy, Taxes No Comments

Weren’t the pre ObamaCare days wonderful?  No one argues that the insurance system was broken (it still is by the way).  But at least the rules of providing insurance to employees and what was deductible and not deductible were clear. In the past, as a business owner you could utilize a section 105 medical reimbursement plan to make your medical expenditures a tax write off. …

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