Scott Macklin of Whitehead CPAs in Huntington Beach talked to us about the many complex changes to the tax code that are newly in effect. For instance: LLCs can deduct their medical insurance premiums. S-Corp officers must declare their medical insurance as income on their payroll. Sole Proprietors should open a SEP IRA plan in order to maximize their ability to save money on their taxes.
Rental Property owners have a more complex year to look forward to in 2011 as they will need to give 1099s to gardeners and all other service people. In fact credit card purchases will be going on to 1099 forms as well. Employers will have to begin reporting employee medical benefits on their W2s.
For explanation, clarifications and a more accurate description please contact Scott using the information below.
***NOTE: any errors here are due solely to my rushed note taking and should NOT, I repeat NOT be blamed on Scott Macklin or Whitehead CPAs!!!