A client wants to start offering to cover 100% of health insurance for employees, are there any tax laws that would not allow the company to write off 100% of the cost?
  1. Hi health insurance coverage paid for by the employer for the employees is 100% deductible as a business expense. There are not any laws that I am aware of that ... Read more

How do i know i have the best plan for E&O Insurance?
  1. Hi, you should work with an insurance professional who can compare plans for you based on your needs and your industry. For example, a tax preparer may require ... Read more

I am currently working through Upwork as my main source or income at this time as a freelancer. When I am going to prepare my taxes how should I be filing my taxes? Is this income counted as a regular ...
  1. Hi, when you registered for Upwork if you are a US Freelancer they usually request that you complete a W9. At the end of the year, they will provide you with 10 ... Read more

Client held an event and catered food for said event. Is the entire catering bill deductible or only 50%. This was a marketing event to get new clients.
  1. Hi there, meals for marketing purposes are 100% deductible. Any meals or recreational expenses for advertising and promotional reasons, office snacks provided t ... Read more

Share based compensation I’m paid a $1,000 salary in addition to stock compensation: Name: Nic Ferreira Contract amount: $9,000, of which 90% is common stock and 10% is preferred stock Par value: $.001 Contributed Capital (investor) The capital was wired into our account last Thursday Investor name: Henry D. Amount: $10,000 Par value: $.001
  1. Hi there the entries are below: Share-Based Compensation DR: Salaries and wages $9,000 CR: Common Stock $8,100 CR: Preferred Stock $900 If this is monthly compe ... Read more

This was a question from a client today. "I was wondering if you could advise me on a tax question: I was considering setting up a solo 401k through Vanguard. ...
  1. Hi, there are definitely tax advantages in contributing to a 401K account. The contributions can reduce your tax liability. I'm not sure how opening the Vanguar ... Read more