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Mark J. Kohler, M.Pr.A., C.P.A., J.D., is a best-selling author, national speaker, radio show host, writer and video personality for Entrepreneur.com, real estate investor, senior partner in the law firm Kyler, Kohler, Ostermiller & Sorensen, and the accounting firm of Kohler & Eyre, CPAs. Mark is a personal and small business tax and legal expert who helps clients build and protect wealth through wealth management strategies, as well as business and tax remedies often overlooked in this challenging, ever-changing economic climate. His seminars have helped tens of thousands of individuals and small business owners navigate the maze of legal, regulatory and financial laws to achieve greater success and wealth.
Valid travel expenses are 100% deductible, meals discussing business are 50% deductible and if you are ‘traveling for business’, meals even by yourself are deductible. Also since 2018, entertainment expenses, whether or not you are traveling, were completely eliminated, BUT travel expenses are STILL 100% deductible!! FOR EXAMPLE, having a meeting with your Board of Advisors or Directors during the holidays is a valid business expense to deduct the travel there and at least one day of hotel and meals. In sum, travel and dining during the holidays can be a fantastic tax deduction and a great impetus to have productive meetings with your board of directors, vendors and employees to make plans for the New Year.
Here is a picture of what our office was able to accomplish for 7 FAMILIES We were able to give cash in the amount of $710.00 to a single mother, who was just diagnosed with Breast Cancer, with 6 children. Along with gifts for many other families. We had 5 employees who took individual families themselves that help us be able to provide such a wonderful Christmas for those 7 families. I estimate that we spend close to $1500.00 on these families.
Thus, in order to put away the big dollars, the business owner and their spouse need to consider the 401k and create an actual payroll for the non-working spouse. This year in 2020 the primary business owner and their spouse can EACH contribute up to $19,500 (or $26,000 if over 50) into a 401k, and while the business is allowed to take a tax deduction for the W-2, neither spouse has to claim the contribution as income on their 1040 (if a traditional contribution and not a Roth). Yes…there is some FICA or payroll tax due on the W-2 amount for each spouse in order to ‘fund’ the 401k, but the ultimate tax benefit is significant due to the ‘time value of money’ and building a tax-deferred retirement account. In the same example above, the company would ALSO be able to contribute 25% of the spouse’s payroll amount of $23,022, (approximately $5,756) into the spouse’s 401k.
It's not too late to order a holiday gift for the small business owner in your life! Help them start 2021 off right with all of the tools they need for success! Happy Holidays! ❄️🥂
With the Affordable Care Act (ACA or “Obamacare”) Enrollment Period in full swing, it’s critical to discuss your options as a business owner and make some strategic decisions. If you don’t act by December 15th and obtain health insurance coverage, you can’t get 2021 coverage unless you qualify under a Special Enrollment Period. Even if you don’t use the ‘exchange’ (more on this below), independent insurance agents selling health insurance have to comply with the stringent ‘special enrollment exceptions,’ and it’s a miserable experience to try and get coverage again. Many people don’t realize that the savings under certain policies are because the insurance company provides a smaller network of doctors under the plan and may get stripped of additional benefits, like dental or vision care.
A quick recap of this weeks podcast which all of you chose the topic for!! Listen now to learn “When to use a series LLC” by going to Spotify, Apple podcasts, YouTube or our website at mainstreetbusiness.com!
(If both the Failure to File and Failure to Pay penalties apply, the Failure to File penalty drops to 4.5% per month (or part thereof) so the total combined penalty remains at 5%.) Then, the failure to file penalty continues for another 1/2 per month for 4 months (making sure you don’t pay on June 1st or you get charged the penalty for the entire month of June), for a hit of another $800. It’s important to remember that an extension of time to file your return does not mean you have an extension of time to pay your tax bill. The fee for entering into an installment agreement is $105, except that the fee is $52 when the taxpayer pays by way of a direct debit from the taxpayer’s bank account, and, notwithstanding the method of payment, the fee is $43 if the taxpayer is a low-income taxpayer.
Attention All Business Owners! Don't lose the protection your LLC gives you by forgetting to maintain it with the state!