From a tax perspective, a Solo 401(k) AKA Individual 401(k) is one of the most attractive retirement solutions for solopreneurs. The Solo 401(k) also allows you to cover your spouse, if you have other employees though, you have to consider other options, such as a more traditional 401(k) program, or something like a SEP-IRA or […]
Integrating an Accountable Plan with S Corp
An Accountable Plan is something that a company adopts in order to manage employee reimbursable items. In general, such a plan means that the employee’s expenses are not considered income, whereas in a non accountable plan system, they would be.If we consider the deduction of mileage as a business expense, some people might use Schedule […]
Section 179 Property, Bonus Depreciation and Regular Depreciation
This topic is particularly useful for those who run their own business, and particular boring for those who do not. Long story short, you might hear about how ‘businesses can deduct their costs’. Well, these three factors are a key part of that: Section 179 Property Bonus Depreciation Regular Depreciation What is depreciation, and how […]