Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court. SE […]
When are LLC members subject to self-employment tax? Read More »
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into
Could “bunching” medical expenses into 2018 save you tax? Read More »
Since 2006, Dipman Auto Service has been a family owned and operated business. Shane Dipman’s passion for fixing vehicles started when he was a young boy. According to his wife, Shauna, “Shane took his mother’s car apart to find a noise that was driving her crazy. She wasn’t sure if he would remember where all
Featured Small Business- Dipman Auto Service Read More »
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit
The tax deduction ins and outs of donating artwork to charity Read More »
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is
Sending your kids to day camp may provide a tax break Read More »
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