COVID-19: Tax Benefits for S Corporation Owners

To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction. Perhaps you, too, would like us to help clarify which of… Read More

Solo 401(k) Could Be Your Best Retirement Plan Option

Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could easily be avoided. So consider setting up a plan to position yourself for future tax savings. For owners… Read More

QBI Issue When Your S Corp Is a Partner in a Partnership

It’s common to consider making your S corporation (versus yourself) a partner in your partnership: it saves you self-employment taxes. Does this affect your Section 199A deduction? It does. Guaranteed payments are not qualified business income (QBI) for the Section 199A deduction. The non-QBI guaranteed payment rule applies whether the partner receives the payment as… Read More