Little-Known Tax Deductions from a Voluntary Employee Benefit Association

Lance Wallach is a pension expert who has written and spoken extensively on the benefits of a VEBA. I recently had the opportunity to be on a conference call with him and Tim Metz, CPA. Mr. Wallach explained the benefits of a VEBA under IRC 419(e). There are huge advantages with this type of plan…

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IRS Won’t Forgive Taxes Owed by eBay, Amazon ‘Hobby’ Sellers

QUESTION: I’m a part-time “hobby” seller of used books on Amazon and eBay. Do I need to pay income tax on the sales I had last year?

ANSWER: Yes, you are required to pay federal income tax and self-employment tax on your net income from selling used books online, whether you sold …

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Royalty Tax Payments in Franchising Agreements

As many government agencies attempt to collect more tax revenue some have decided to tax royalty payments of franchisors who have franchise outlets within their jurisdictions. Even though the payments owed to the franchisor are paid to a corporate entity outside the jurisdiction of that governmen…

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