Five things to know about employee in your spouse 1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages You’ll realize no tax savings if you put your spouse on the payroll and pay him or her cash wages. Employee wages you pay your spouse are fully...
How to Deduct Assisted Living and Nursing Home Bills” Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care. If you could deduct these expenses, you’d substantially reduce your income tax...
Know Whether Your Trip Is a Deductible Business Expense To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you...
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 offer this new ICHRA....
Can the IRS Require Odometer Readings with the Mileage Rate? Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might...
Avoid This S Corporation Health Insurance Deduction Mistake If you own more than 2 percent of an S corporation, you have to do three things to claim a deduction for your health insurance: You must get the cost of the insurance on the S corporation’s books. Your S...
