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Deducting Business Meals
By Jason Watson (Google+) Posted November 23, 2018 We chatted about business meals earlier in the chapter. The Tax Cuts and Jobs Act of 2017 (TCJA) redefined meals and entertainment. In a nutshell, entertainment was removed as a deduction and meals were left in limbo (bad law writing). As such,...
19 Feb, 2019 Views: 0 Comments: 0
How do I qualify for the foreign earned income exclusion?
By Jason Watson (Google+) There are several small hoops, pitfalls, and gotchas that you need to be careful with, but the big requirements are- 1. Your tax home must be in a foreign country, and your abode can be anywhere except the United States. These terms are different, the definitions are...
18 Feb, 2019 Views: 0 Comments: 0
Health Care Summary
By Jason Watson (Google+) Posted September 2, 2014 Health care options within your small business are challenging. Expensive. Convoluted. What worked today might be wrong tomorrow. All kinds of stuff. Section 105? 125? HSA? High-Deductible Plans? Reimbursing for health insurance? Hopefully...
18 Feb, 2019 Views: 0 Comments: 0
Rentals Owned by an LLC Fallacy
By Jason Watson (Google+) Updated September 2, 2014 Should you put a rental in an LLC? Sure. Why not? Everyone else does. The real answer is Perhaps. There are several myths out there regarding the use of an LLC as a shelter from potential lawsuits and litigation, but most concerns stem from...
18 Feb, 2019 Views: 0 Comments: 0
Disclosure and Updates
By Jason Watson (Google+) Posted September 2, 2014 There is no way around this. As you already know the Affordable Care Act has turned things upside down and inside out. Some things remain the same, some things have changed, and some things have yet to change. There are third-party...
18 Feb, 2019 Views: 0 Comments: 0
Do rental properties offer good tax sheltering?
By Jason Watson (Google+) Perhaps. There are two issues- passive loss limitations and future income tax rates, and we’ve divided this general question into three questions and three answers- Part 1 - Do rental properties offer good tax sheltering? Part 2 - How do passive loss limitations...
18 Feb, 2019 Views: 0 Comments: 0
W-2 or 1099-MISC That Is The Question
By Jason Watson (Google+) Posted September 15, 2014 Many people are finding themselves in a quandary between being a W-2 employee of a company or working for that same company in a contractor relationship. As a quick aside, the IRS and more importantly local state governments are going after...
18 Feb, 2019 Views: 0 Comments: 0
Estimated Tax Payments, Withholdings Issues for an S-Corp
By Jason Watson (Google+) Posted September 2, 2014 This KB article has been re-written. Please use this link- https://www.watsoncpagroup.com/kb/Estimated-Tax-Payments-Withholdings-Issues_309.html Thanks! Estimated tax payments change as well when you have an S-Corp, especially the first...
18 Feb, 2019 Views: 0 Comments: 0
How do passive loss limitations affect me?
By Jason Watson (Google+) This is the second question and answer of a three-part series. Part 1 - Do rental properties offer good tax sheltering? Part 2 - How do passive loss limitations affect me? Part 3 - Is depreciating my rental a good thing? In our first part, we discussed the...
18 Feb, 2019 Views: 0 Comments: 0
Is there a way to avoid Self-Employment tax?
By Jason Watson (Google+) Posted February 2, 2016 This KB article on self-employment taxes and S-Corp elections has been updated, and we have re-released our SubS.pdf tax article. Here are the links to get you started- Comprehensive Guide to S-Corps in PDF (updated Fall of 2015) Updated KB...
14 Feb, 2019 Views: 0 Comments: 0