Lisa Marie Brugman, EANeed more time to file your taxes? An extension gives you extra time to file — not extra time to pay. This guide explains how to file Form 4868 correctly, avoid penalties, and make sure your extension is handled the right way.
Lisa Marie Brugman, EAAre credit card fees tax-deductible? It depends on how the card is used. Personal credit card fees aren’t deductible, but business-related fees may qualify—if they’re tied to ordinary and necessary business expenses. This guide breaks down what counts, what doesn’t, and how to protect your deductions.
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.