Monthly Archives: January 2012

2011 Health Insurance MUST be on W2 for >2% Sub S shareholder

HERE IS HOW TO REPORT IT  Health Insurance for the entire family goes on Shareholder’s W2 Box 1 & Box 14 (Does not affect FICA). W3 Box 1 only Form 941 Box 2 only (Does not affect FICA). Form 940 … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 4,141 Comments

2012 Mileage Rates

The 2012 federal mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • $0.555 per mile driven for business purposes • $0.23 per mile driven for medical or moving purposes • $0.14 per … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 4,825 Comments

Vacation Homes – sometimes you don’t declare the rent!

Vacation homes are taxed under one of three sets of rules depending on how long the homeowner rents the property. If you rent your vacation home for fewer than 15 days during the year, no rental income is includible in … Continue reading

Posted in General, Income Tax, LLC's | 2,070 Comments

How Often Does Tax Law Change….

There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. 

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 4,036 Comments