Beyond the Numbers
Our Beyond the Numbers blog is published with articles on a monthly basis.
Health Insurance Paid on Behalf of Partners and LLC Members
Partners in a partnership and LLC members may be able to deduct all the medical, dental and qualified long-term care insurance paid on their behalf and on their family. In order to deduct the premiums: The policy must be in the name of the company, partner or member....
Reasonable Compensation in an S Corporation
BackgroundThe IRS has recently hired as many as 2500 new agents specifically trained in spotting shareholders who pay themselves too small of a salary while taking too many distributions. Catching these companies results in a big payoff for the IRS in the form of...
Minimum Wage Rates
Effective Jan. 1, 2024, the Washington minimum wage rate increases to $16.28 per hour. The Oregon minimum wage rate is currently $14.20 per hour, unless within the Portland Metro Urban Growth Boundary where the estimated rate is $15.45.
W-2 Reporting for Health Insurance Paid on Behalf of S Corporation Shareholders
You may be able to deduct all the medical, dental and qualified long-term care insurance paid by the corporation on behalf of you and your family. In order to deduct the premiums, the following rules are in place: The policy must be in the name of the S corporation or...
W-2 Reporting of the Personal Use of Business Vehicles
If a business owns or leases vehicles that shareholders or employees use for personal reasons (including commuting) you need to include an employee benefit amount in W-2 wages. The Internal Revenue Service has established valuation guidelines to be used in calculating...
Filing Due Dates
In 2023 the filing deadline for multiple types of returns are consistent with prior years. The various due dates are: W-2s – Jan. 31 for providing forms to employees and filing with Social Security Administration 1099s-NEC – Jan. 31 for providing forms to vendors and...
The Power of Cultivating Gratitude
It costs nothing to say thank you. Yet cultivating gratitude in your life may be one of the most rewarding moves you can make. Not only does it invoke warm fuzzies in everyone involved, expressing your appreciation may actually improve your health and well-being. A...
2024 Social Security Changes
Spend Less with These 5 Money Tips
Government data shows that record inflation from the last few years started to slow down throughout 2023, but much of the damage has already been done. Every bill we pay and purchase we make costs more now, from insurance to clothing, and groceries to household...
Year-End Tax Planning Tips for Your Business
As 2023 winds down, here are some ideas to help you prepare for filing your upcoming tax return: Informational returns. Identify all vendors who require a 1099-MISC and a 1099-NEC. Obtain tax identification numbers (TINs) for each of these vendors if you have not...
