Lisa Marie Brugman, EALegal settlements aren’t always tax-free. This guide explains which settlements may be taxable, when exceptions apply, how attorney fees are treated, and why the wording of your settlement agreement matters more than most people realize.
Lisa Marie Brugman, EAMileage can be one of the most valuable tax deductions for business owners—but only if you understand the IRS rules. This guide explains what miles are deductible, what miles are not, and how proper tracking can turn everyday driving into meaningful tax savings.
Lisa Marie Brugman, EAHiring your spouse as an employee in your sole proprietorship or partnership can be a powerful tax-saving strategy, but only if structured correctly. Instead of traditional wages, compensate with tax-free benefits like health insurance to maximize deductions while avoiding payroll taxes. A medical reimbursement arrangement (105-HRA or ICHRA) allows you to cover medical costs tax-free. Additional fringe benefits like education expenses or life insurance can further enhance savings. However, your spouse must be a bona fide employee, with documented work duties and fair compensation. Done right, this strategy can minimize taxes and boost business efficiency.
Lisa Marie Brugman, EAIRS penalties can add up fast — but many are avoidable or removable. This post breaks down the most common IRS penalties and explains when penalty abatement, including First Time Penalty Abatement, may apply.