*this transcript was taken from our Tax Tip Tuesday post on Youtube. You can watch the video here. Hey everyone. Welcome to another Tax Tip Tuesday. Today I’m going to be talking about health savings accounts. These are by far one of my favorite types of tax savings tools and if you’re eligible for which we’ll …
*this transcript was taken from our Tax Tip Tuesday post on Youtube. You can watch the video here. Hey everyone. Welcome to another Tax Tip Tuesday. Today we’re going to be talking about the backdoor Roth. This is a very popular subject for physicians and other high-net worth individuals because face it, you guys make too …
Are you familiar with the Per Diem rule? If you’re a physician doing locum tenens work, you want to be! Per Diem comes from the Latin meaning ‘By Day’, and so the ‘Per Diem rule’ refers to a daily travel allowance. You can make use of the Per Diem rule to compensate for lodgings, meals …
How Locum Tenens can use Per Diem rules and rates to stop tracking receipts Read More »
*this transcript was taken from our Tax Tip Tuesday post on Youtube. You can watch the video here. Hey, everyone. It’s Tax Tip Tuesday. Today I’m going to be talking about CPAs versus EAs. Most of you know what a CPA is, certified public accountant, but some of you might not know what enrolled agents are. …
Hey everyone, I hope you’re ready for another Tax Tip Tuesday. So I get a lot of questions about hiring your kids, and the type of jobs they can do. So I generally recommend that you only hire kids if they’re seven or older. So there are tax court cases out there that basically make …
On the week of September 16th I was with my family on a Disney Halloween themed cruise ship, enjoying the all encompassing experience of being out in the middle of the ocean for four nights. I have to admit, I am not a boat person and this tripped confirmed it! We had rough seas going …
Here are three quick things to know about working abroad. Issue 1: Section 199A To qualify for the Section 199A deduction, your business income must be effectively connected with the conduct of a trade or business within the United States. The preamble to the proposed Section 199A regulations clarified that in almost all circumstances, this …
Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense rules. You are going to like these rules. Restaurants and …
Creating More Business Meal Tax Deductions After the TCJA Read More »
What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you purchased for business use a pickup truck with a gross vehicle weight rating greater than 6,000 pounds. Asserting that you use the pickup 100 percent for business, you expensed …
Impact of Death, Retirement, and Disability on the 179 Deduction Read More »
If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify for the Section 199A deduction—period, regardless of pass-through business type—when you have pass-through qualified business income (QBI), and 2019 Form 1040 taxable …
