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Don’t Let the IRS Set Your S Corporation Salary

Don’t Let the IRS Set Your S Corporation Salary

Nov 19, 2020 | Income Tax

You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary • nonexistent? • too low? • too high? • just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you...
Using Whole or Partial Rooms for Your Home Office

Using Whole or Partial Rooms for Your Home Office

Nov 12, 2020 | Income Tax

With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the...
The Latest on Payroll Tax Deferral

The Latest on Payroll Tax Deferral

Nov 5, 2020 | Income Tax

If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of the tax. But under...