My spouse can get health insurance at work. Does that affect my S-corp deduction?
Eligibility for subsidized employer coverage can affect the owner's self-employed health insurance deduction.
Tax Strategy Blog: Page 7
1236 articles for business owners and real estate investors. Page 7 of 35.
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Showing articles 217–252 of 1236.
I gave shares to my children. Can I still receive my old salary?
Compensation should reflect actual services, while the ownership transfer needs its own valuation and reporting review.
Are gift cards to customers treated the same as employee gifts?
Generally, employee gift cards are cash-equivalent benefits requiring wage treatment, while customer gifts follow a separate deduction review.
Should I forgive my shareholder loan before a buyer takes over?
Forgiveness can affect the company, the shareholder and the sale model.
I paid my extension under the wrong tax year. What should I do?
Verify where the payment actually posted and arrange a documented correction through the appropriate agency process.
A new investor diluted my shares. Does my shareholder loan shrink too?
Equity percentage and debt rights are separate unless the transaction changes both.
Does hiring my child eliminate payroll taxes in my S corp?
Family-employment exceptions depend on the actual employer and relationship.
Will a December cash contribution let me deduct my S corp loss?
Year-End Cash Contributions and S-Corp Losses. Review the facts, records and next steps for your business.
My profit fell after I adopted a cash balance plan. Can I skip funding?
Ask the actuary and administrator to evaluate the actual funding requirement before changing payments.
I bought a work laptop personally and got reimbursed next year. Which year counts?
Review the entity, ownership of the asset, reimbursement arrangement and payment dates.
I bought a company with a 401(k). Can I merge it into mine immediately?
The transaction structure, plan documents and employee transition matter.
Can my company deduct my personal disability-insurance premiums?
Review the policy, premium treatment and taxation of potential benefits together.
We are divorcing. Who reports the business K-1 during the transition?
Determine actual ownership, effective transfer dates and applicable marital-property and entity rules.
Can I borrow from my company to pay my personal estimated taxes?
An owner loan needs to be evaluated as a real obligation, not a label applied to avoid distribution treatment.
Does our soft launch start the business for tax, or do we wait for the first paid sale?
Soft Launch, Opening Date and Startup Deductions. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
Company A bought equipment that Company B uses. Who depreciates it?
One Company Buys Equipment Another Company Uses. Review the facts, records and next steps for your business.
One of my companies pays all our advertising. How should we split it?
Splitting Advertising Costs Between Your Companies. Review the facts, records and next steps for your business.
A huge contract paid in December. Do I owe penalties for earlier quarters?
Estimated Taxes on a Large December Contract. Review the facts, records and next steps for your business.
Our new accounting system duplicated last year's bank activity. Where should we start the correction?
Duplicate Bank Feeds After a Software Migration. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
We kept a nonrefundable booking fee but moved the project to next year. When is it income?
Nonrefundable Fees After a Project Is Rescheduled. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
My existing business researched a new product line. Are the costs startup expenses?
New Product Investigation or New Business Startup?. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
A new partner joined one company. Can I keep our old intercompany fees?
Intercompany Fees After Admitting a New Partner. Review the facts, records and next steps for your business.
The seller's cars are still on the books. Did I buy them?
Check the executed asset schedules, titles and excluded-asset provisions.
My business income tripled. Is last year's estimated payment still enough?
A prior-year safe-harbor calculation and the final tax bill are different.
We evaluated five locations but opened only one. Do we deduct every rejected site's costs?
Startup Search Costs Across Several Locations. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
Our lender takes a percentage of daily sales. Is every remittance deductible interest?
Merchant Cash Advances and Daily Remittances. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
The marketplace funded a customer coupon. Is that discount coming out of my sales?
Marketplace-Funded Coupons and Seller Revenue. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
Our manufacturing revenue grew. How do we know whether the small-business UNICAP exception still applies?
The small-business exception to Section 263A depends on the applicable gross-receipts test and tax-shelter restrictions, not simply current sales or…
Our employees built a machine for internal use. Can we deduct all their wages as payroll?
Building machinery for internal use normally creates an asset rather than an immediate payroll deduction for every employee hour.
I manage production and sales. Does part of my compensation belong in inventory cost?
Owner compensation can include production-related costs that belong in inventory or produced property.
We outsource fabrication but own the designs and materials. Are we a producer for inventory tax rules?
A business can be treated as producing property even when another company performs physical fabrication.
We moved finished goods to a separate warehouse. Do those storage costs belong in inventory?
Moving finished goods offsite does not alone turn storage into a selling expense.
We borrowed to build business property. Is all interest immediately deductible while construction continues?
Interest incurred during production may require capitalization under Section 263A(f), even when it is recorded as ordinary financing expense.
Can my management company charge a fee if it has no employees?
Review what services the company actually provides, who performs them and how the fee is supported.
The bank rolled unpaid interest into a renewed loan. Does that count as paying the interest?
Loan Renewal Adds Interest to Business Principal. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
Our bookkeeper recorded a business loan deposit as sales. Which returns might need correction?
Loan Deposit Mistaken for Customer Revenue. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.