Deciding whether to switch to an S Corporation isn’t a straightforward decision. There are three main upsides to making the switch, and four main downsides to making the switch. First, you can reduce your taxes by eliminating self employment tax. When taxed as a proprietor or partnership, the IRS requires all of your wages to…

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Many S-Corp owners don’t realize it but as small-business owners they have more options to save on healthcare costs than any other group of Americans. For example, in order to get the HSA deduction in 2018, you needed to have a high deductible health insurance plan in place by December 15, 2017. You should at…

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The 2018 tax year will mark the first year subject to the changes in effect from the Tax Cuts and Jobs Act (TCJA). We have compiled a list of potential planning strategies that may benefit your business. We have placed a special emphasis on strategies connected to changes from the TCJA. We encourage you to…

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The 2018 tax year will mark the first year subject to the changes in effect from the Tax Cuts and Jobs Act (TCJA). We have compiled a list of potential planning strategies that may benefit you or your family. We have placed a special emphasis on strategies connected to changes from the TCJA. We encourage…

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This is the seventh installment of our monthly tax blog on the Tax Cuts and Jobs Act. In our third installment we provided an overview of the deduction. The fifth installment provided more detail for deductions on rental property income. If you are a business owner, you have likely heard about QBI and wondered, “Will…

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This is our fifth installment of our monthly tax blog about the Tax Cuts and Jobs Act. This blog will revisit a topic discussed in our third installment, however this blog post will focus on how the Qualified Business Deduction affects specifically rental properties. General Overview of Qualified Business Income Deduction The Qualified Business Income…

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