The words “IRS audit” are enough to strike fear into countless U.S. taxpayers across the country. After all, the IRS has the power to put people in jail, issue fines, and initiate asset seizures. However, as long as you’re reporting your income correctly and not inappropriately taking deductions, an audit really is no big deal—especially…
Limited Liability Companies (LLCs)
When and How to Deduct Medicare as a Business Expense
Medicare health insurance may be less expensive than most private plans, but the premiums still add up to a considerable sum each year. This is especially true for high-income taxpayers and married couples who are both paying Medicare premiums. However, a CPA may be able to help you deduct those premiums as a business expense….
Tax Reform Changes Affecting Partnerships and LLCs and Their Owners
The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes and their members. Most of the changes are good news. Here are some highlights: Technical Termination Rule Repealed (Good) Under prior law, a partnership or an LLC treated as…