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I’ve been getting a lot of questions from small business owners recently about two related topics: 1. how to reimburse employees for business expenses, and 2. how to claim the home office deduction. Both of these questions can be answered by using something called an accountable plan. A recent article in the AICPA’s Journal of...
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Health savings accounts (HSAs) are used in conjunction with high deductible health plans and offer five tax advantages compared to traditional savings accounts: Your own contributions to the HSA are tax-deductible in the current year. Employer contributions to the HSA are excluded from income. Earnings inside the HSA (i.e. interest, dividends, and capital gains) are...
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Parents who own businesses have a few tax incentives for hiring their children to work in their business: Shifting income to a lower (or 0%) tax bracket: If you hire your child to work in the business, any wages paid to him/her will be deductible by the business. Suppose that your combined federal and state...
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A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, your employer might not offer a Roth...
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