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How to File Form 8962: Step-by-Step Instructions

WebAt the top of Form 8962, enter your name and Social Security number. Step 3: Calculate the Annual and Monthly Contribution Amounts in Part I of Form 8962. Line 1: Use your tax …

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URL: https://amynorthardcpa.com/form-8962/

How to Deduct Shareholder Health Insurance for S Corporations

WebThe premiums the business paid can be deducted on your Form 1040 (line 29) and as a business expense on Form 1120S. Your health insurance premiums paid by your …

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Health Insurance Tax Deductions and Credits for Entrepreneurs

WebThe amount of the credit your business will receive is based on a sliding scale where the smaller the employer, the bigger the credit. The maximum credit amount is 50% of …

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Retirement Account Options for the S-Corp Owner

WebAn SEP-IRA allows you, as an S corporation owner, to create a retirement account where you can contribute up to 25% of each employee’s pay (including yours!) to the account …

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How to Do Payroll for Single Member S Corporation

WebYour S corp and you as an employee will each pay 7.65% of your salary in taxes for Social Security and Medicare payroll taxes. For example, if your salary is $50,000, then your …

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Top 10 Tax-Saving Strategies for S-Corporations

WebTip 5: Deduct Your Cell Phone Expenses. When your S corporation provides your cell phone so that you can use it for business, that is a fringe benefit that becomes tax-free income. …

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Tax Write-Offs for Bloggers with Free Checklist

WebThe home office deduction can be calculated in one of two ways. The first way is to multiply the square footage of your home office by $5. So if your office is 50 square feet, you …

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Do I Need to Give My Spouse a 1099

WebIf your spouse is an employee, you’ll need to provide a Form W-2. It’s really up to you, your spouse, and your accountant to determine which employee classification works best for …

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3 Simple Ways To Reduce Your Taxable Income

WebContribute to your retirement. As a small business owner, you may consider contributing to a SEP IRA, solo 401k or a SIMPLE IRA. All of these plans are great options for lowering …

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Free Meeting Minutes and Bylaw Templates for S-Corporations

WebAn S-Corporation’s bylaws is simply a document created by the board of directors that outlines the rules for the company. These bylaws help protect the company and the …

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How to Determine S Corporation Reasonable Compensation

WebInstead, in an IRS Fact Sheet, they provide a list of 9 factors that the courts (and you) can use to help determine reasonable compensation: Training and experience. Duties and …

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What Is the 2% Tax Rule

WebThe 2% rule for itemized deductions is a concept that used to apply to certain types of miscellaneous expenses in excess of 2% of your adjusted gross income (AGI). In 2018, …

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The Second PPP Loan: A Guide for Small Businesses

WebFor most business owners, the maximum loan amount for a Second Draw PPP Loan is 2.5 times your average monthly payroll costs in 2019 or 2020 up to $2 million. If your …

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Does an S-Corp Get a 1099

WebAs is the case with any good rule, there are exceptions. If your business made a payment of at least $600 to one of the following, then you will need to issue a Form 1099 to these …

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What Are Tax Deductions

Web50% of meal expenses (either by tracking actual costs or using the per diem rate) Laundry and dry cleaning while traveling. Tips for service providers at the hotel. As for meals, you …

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What Happens if S-Corporation Cannot Afford Reasonable Salary

WebThe IRS cannot force you to pay yourself a certain amount of wages in any situation let alone if your S-Corporation cannot afford reasonable salary. When your S-Corporation is …

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How Small Business Owners Can Set Up and Use Stipends

WebIn the business world, a stipend is a set amount of money that can be used to compensate employees, interns, apprentices or trainees. Typically, a stipend is used to help an …

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Can the IRS Garnish Social Security Payments

WebThe IRS garnishes Federal Old-Age (retirement) and Survivors benefits through the FPLP. The FPLP automatically garnishes 15% of those two types of Social Security payments …

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