When taxed as an S-Corp, you pay yourself a reasonable wage, and the remaining income is a distribution that avoids FICA taxes!
Category: tax
How President Biden’s New Tax Plan Could Affect You
Much of Biden’s tax plan focuses on raising taxes for high earners, corporations, and capital gains.
Working From Home: Can I Deduct That?
This summer as I’ve flipped the April, May, and June pages in the 2020 paper calendar, filled with photos featuring kids’ and grandkids’ events from 2019, I’ve wondered what photos will fill my 2021 Shutterfly calendar: making sourdough bread, more photos of dogs than grandkids, and photos of finally finished jigsaw puzzles? Who thought we’d
Understanding the New Tax Law…with Ice Cream
You can learn a lot from ice cream if you pay attention. A few years ago, a brother-sister team launched the Simply Scrumptious Ice Cream Pontoon Boat on Lake Tillery. Its bright yellow bimini top matches the paneling which displays a rotating list of homemade ice creams, custards, and cookies. It really hits the spot
