Businesses – Sole Proprietor – Tax Savings

Business Tax

  • Sole Proprietor
    • Hiring spouse can cut your tax bill
    • Tax savings come from a medical plan
      • By offering family coverage for all employees, you can receive health insurance under your spouse’s policy. If you have no other employees, you don’t incur any extra out-of-pocket cost
    • An asset must be ready for business use by year-end to qualify for expensing
    • Issuing warrants to shareholders can kill a company’s S corporation status. The warrants are treated as a second class stock, and the firms’ S status is revoked.