This is a good idea; don’t just have your accountant dump numbers on you. Have them explain what this means. This posting by Brian Hamilton in AccountingToday talks about this further:http://www.accountingtoday.com/news/Entrepreneurs-Use-Accountants-67388-1.htmlAccountants can take a wealth of information and try and make sense of it for entrepreneurs to act upon. For financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
Republicans Propose Cutting IRS Budget by 24% and Limiting Videos and Bonuses
After finding out some of the excess spending the IRS has been doing, I am not really surprised someone has decided to try to reign them in. See this article in AccountingToday by Richard Rubin:http://www.accountingtoday.com/news/Republicans-Propose-Cutting-IRS-Budget-Limiting-Videos-Bonus-67366-1.html?ET=webcpa:e7369:204199a:&st=emailMaybe the IRS will think twice about some of their spending choices if this is enacted. For financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
How Can You Deduct Shareholder Health Insurance in an S Corporation?
In 2008, the IRS provided guidance on how to deduct Shareholder Health Insurance on an S Corporation. The only way to deduct this is to treat the insurance as salary (not subject to payroll tax withholdings) and put this on the shareholder’s W2. Then the insurance can be deducted on the taxpayer’s individual tax return as self employed health insurance. You need to stick to this procedure to be able to deduct the insurance, otherwise the IRS will disallow! Feel free to call or email with questions.For financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com