March highlights from The MWE Advisor newsletter include tax reduction strategies for spouse-owned businesses and the new Report of Foreign Bank and Financial Accounts (FBAR) deadline.
Spouse-Owned Businesses Tax Reduction Strategies
Do you and your spouse own an unincorporated business that’s treated as a partnership for tax purposes? If so – and it’s profitable – you may be paying more in self-employment (SE) tax than is necessary. Here are three ways that spouse-owned businesses may be able to lower their SE tax hit.
Remember the New FBAR Filing Deadline
Did you have an interest in (or authority over) a foreign financial account during 2016? If so, you’ll need to electronically file a form called the “Report of Foreign Bank and Financial Accounts” (FBAR). That form — which is due on April 18, 2017 — may be reviewed by IRS examiners as part of its efforts to unearth offshore tax evasion. Here’s an overview of how to comply with the IRS regulations on reporting foreign accounts.