by Steven J Weil, PhD, EA, LCAM | Oct 22, 2023 | Blog, Business Tax, Personal Tax
Tax planning is one of the best ways we know to reduce your tax bill, and at RMS Accounting we take a proactive approach to helping clients pay the lowest amount of tax allowed by law. We do this through a two-step process. Step 1 requires us to keep up to date with...
by Steven J Weil, PhD, EA, LCAM | Oct 17, 2023 | Blog, Investments
Have You Been Ghosted By Some of Your Retirement Funds? Losing track of retirement funds is a common problem in today’s world of corporate consolidations and job switching by employees. As of May 2023, there were approximately 29.2 million forgotten 401k accounts in...
by Steven J Weil, PhD, EA, LCAM | Oct 14, 2023 | Blog, Business Tax, Payroll Preparation
Calculating Reasonable Compensation Since reasonable compensation is important for S-Corporate Owners here is a list of some of the information that should be considered when calculating it. What would you need to pay someone else to do what you do? Which leads to the...
by Steven J Weil, PhD, EA, LCAM | Oct 12, 2023 | Blog, Personal Tax
Teachers – Out of Pocket Classroom Expenses Are Tax Deductible Teachers and other educators can deduct up to $300 of out-of-pocket classroom expenses for 2023 when it comes time to file their federal income tax return. An eligible educator can deduct up to $300 of...
by Steven J Weil, PhD, EA, LCAM | Oct 5, 2023 | Blog, Business Tax, Payroll Preparation
What is Reasonable Compensation and Why Should I Care? If you own all or part of a S-Corporation you are required to receive reasonable compensation as wages — subject to payroll taxes as an employee of that S-Corporation. Positions like President, Treasurer or...