The law requires the IRS to utilize private collection agencies for certain inactive debt.  What does this mean if you are one that gets contacted by a collection agency?  How to you know you are not being scammed?  Those answers …

Taxpayers can find answers to questions about private collection agencies on IRS.gov Read More »

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Vol 10-19 New Individual Coverage HRA Allows You to Reimburse Employees for Health Insurance The new Individual Coverage HRA (ICHRA) lets you help employees with their health care costs without fear of ACA penalties. Starting January 1, 2020, employers can …

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New IRS guidance.  Read it HERE

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Failure to use an accountable plan for your employee expense reimbursements (including yourself if you operate as a corporation) turns those improperly reimbursed expenses into taxable wages.  In other words, by failing to comply with the accountable plan rules, you …

How to Properly Reimburse Yourself and Employees for Business Expenses And keep yourself out of trouble with the IRS! Read More »

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Combine Home Sale with the 1031 Exchange You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The …

Ted’s Tax Saving Tips Vol 19-6 Read More »

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  “Individual commitment to a group effort – that is what makes a team work, a company work, a society work, a civilization work.” -Vince Lombardi WARNING: What I’m about to share might make you salty. The topic is state …

Our States, Their Sales and Your SALT Read More »

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Ted Smith’s“Real World” Personal Strategy Note “Having a child is like getting a tattoo … on your face. You better be committed.” -Elizabeth Gilbert Because raising children truly does “take a village”, know that I’d love to help walk you …

Making Children Less Costly (Through Smart Tax Savings) Read More »

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The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make.

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The new Section 199A 20% Pass-Through deduction for business owners is probably the most confusing and complex part of the new Tax Cuts and Jobs Act of 2017; however, it has some very positive planning opportunities that could save you …

Business Owners: Why you should relook at your retirement savings under the new tax law Read More »

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How you may be able to take the 20% pass-through deduction! The Section 199A 20 percent tax deduction is a gift from lawmakers. Literally, you don’t earn this deduction; it’s simply there for you if you qualify. Under the trade …

Rental Real Estate Read More »

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