Fringe Benefit Rules for 2% S Corporation Shareholders

By |2022-08-18T08:47:06-04:00September 24th, 2012|Taxation|

Employee fringe benefits paid on behalf of a 2% S corporation shareholder are subject to special rules. A 2% shareholder is one who owns more than 2% of the corporation’s outstanding stock on any day of the corporation’s tax year, considering direct and constructive ownership. Under the family stock attribution rules, a person is considered [...]

Lower Your Taxes by Purchasing a Business Vehicle

By |2012-09-14T10:51:20-04:00September 17th, 2012|Taxation|

As we enter the final quarter of 2012, purchasing a new business vehicle may be an effective way to lower your 2012 tax bill.  The tax code allows increased first-year depreciation limits for qualifying vehicles purchased and placed in service during 2012. Taxpayers can claim up to an additional $8,000 of first-year depreciation (in addition [...]

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