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Updated Blueprint for Employee-Spouse 105-HRA

Updated Blueprint for Employee-Spouse 105-HRA

I’m excited to introduce you to a valuable strategy that could significantly reduce your taxable income by converting personal medical expenses into business deductions. This approach, known as the 105-Health Reimbursement Arrangement (105-HRA), is particularly...
S-Corp Reimburses Personal Vehicle

S-Corp Reimburses Personal Vehicle

When your corporation reimburses you for the business use of your vehicle, you have tax consequences when you sell or trade in that vehicle.   Example 1. You purchased a vehicle for $40,000 and had the corporation reimburse you $40,000 for bonus depreciation. You...