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The health insurance mandate has been one of the most controversial changes created by Obamacare. The requirement states that all Americans must have at least minimal comprehensive health insurance coverage by January 1, 2014 or pay a penalty to the IRS. The self-employed individual is not exempted from the mandate: The mandate applies whether you are a sole proprietor, LLC or corporation. To comply with the mandate you must have one of

In general, the premium you pay for life insurance is not deductible. However if you are an employer in your business you can deduct the cost of company-paid life insurance policy. You, as the employer will have to decide if the cost should be taxable to your employees. Group life insurance less than $50,000 Group term life insurance is sometimes less expensive for employers to purchase. If you are an employer

With the advance of the internet, some US citizens have discovered that they can earn income without ties to a particular location. As US citizens move overseas, they face more complicated tax issues. US citizens living abroad still have to file US tax returns, report foreign assets, pay estimated taxes, etc. In general US citizens living abroad still have the same tax obligation as the counterparts in the US. On

The IRS selects businesses for audits based on a "discriminate function (DIF)" score. Returns with high DIFs have a higher chance of being audited regardless of if you have done something wrong. The exact factors that make up a DIF score are note exactly known but this articles discussed some known factors that make a tax return more likely to be audited. How tax returns are selected for audits Place

There are rules that limit the amount of losses you can take from your s corporation schedule K-1. Shareholders must be aware of these 3 limitations: Basis limitation At risk rules Passive activity loss rules Basis limitation What is basis? Basis is a measure of a shareholders investment in the business. Basis is not difficult to compute if done on a regular basis. Basis should be computed when, the business experiences