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Using Children’s IRAs to Pay for College
Using Children’s IRAs to Pay for College If your child has earned income (maybe from working in your business), you...
Clean Vehicle Credits
Clean vehicle credits can help car buyers pay less at the dealership RS Tax Tip 2023-123, Nov. 15, 2023 Taxpayers who...
NFT’s and Taxes
NFT's & Taxes Did you buy, sell, donate, or receive an NFT during the tax year? If so, you must answer “yes” to...
Home Office Deduction
Home Office DeductionWith a growing number of business owners now working from home, many may qualify for the home...
Cryptocurrency
Digital assets include (but are not limited to): Convertible virtual currency and cryptocurrency Stablecoins...
IRS standard mileage rates for 2023 increases 3 cents per mile
IRS issues standard mileage rates for 2023; business use increases 3 cents per mileIR-2022-234, December 29, 2022...
Buying a new Electric Vehicle? Know this tax info..
Buying an Electric Vehicle? Know These Tax Law ChangesAre you thinking of buying an electric vehicle or a plug-in...
Earn 9.6% for 6 Months Guaranteed!
Earn 9.6% for 6 Months Guaranteed!September 2022 More on Earning 9.62 Percent Tax-Deferred You can buy from now...
Inflation Alert: Consider Investing in TIPS
Inflation Alert: Consider Investing in TIPS The Fed is finally taking aggressive action to fight inflation, but will...
Is a Property Fix-up and Sale an Investor or a Dealer Property?
Is a Property Fix-up and Sale an Investor or a Dealer Property? Background I’m an independent computer consultant who...
Health Savings Accounts: The Ultimate Retirement Account
Health Savings Accounts: The Ultimate Retirement Account Looking to save for retirement? The first account you should...
Tax Implications of Investing in Precious Metal Assets
Tax Implications of Investing in Precious Metal AssetsThese days, some IRA owners and investors may be worried about...
The Mom and Dad Hotel
Imagine this: Tax deduction for you Tax-free income for Mom and Dad It doesn’t have to be Mom and Dad. The tax-free...
QSEHRA and HRA
Have you established a 105-HRA, Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), or Individual...
Do you need more 2020 tax deductions?
Do you need more 2020 tax deductions? Here’s an easy question: Do you need more 2020 tax deductions? If yes,...
2021 Last Min – Year End Retirement Deductions
2021 Last-Minute Year-End Retirement Deductions The clock continues to tick. Your retirement is one year closer. You...
Last Minute Year End Deductions for Married or Divorced people – Tax Strategies – Kiddie Tax
Last Minute Year End Deductions for Married or Divorced people - Tax Strategies - Kiddie Tax If you are thinking of...
Last Minute 2020 Biz Deductions
The purpose of this post is to get the IRS to owe you money. The purpose of this post is to get the IRS to owe you...
Year End Medical Plan Strategies
Year End Medical Plan Strategies All small-business owners with one to 49 employees should have a medical plan in...
Don’t Miss Out on the Employee Retention Credit
Don’t Miss Out on the Employee Retention Credit Your government wants your small business to survive (and likely...
“Deduct 100 Percent of Your Business Meals under New Rules”
Deduct 100 Percent of Your Business Meals under New RulesNow, thanks to a new law enacted December 27, 2020, new IRS...
Tax Code Offset Game
2020 Last-Minute Year-End Tax Strategies for Tax Code OffsetWhen you take advantage of the tax code’s offset game,...
Starting a New Business? Get Up to $100,000 in Tax-Free Money
Starting a New Business? Get Up to $100,000 in Tax-Free MoneyYou likely already know that the employee retention...
Remember to consider your Section 199A deduction in your year-end tax planning.
Remember to consider your Section 199A deduction in your year-end tax planning.Remember to consider your Section 199A...
Deducting Business Expenses
Deducting Business ExpensesBusiness expenses are the cost of carrying on a trade or business. These expenses are...
2020 Year-End Tax Strategies for Marriage, Kids, and Family
2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and FamilyIf you have children under the age of 18 and...
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers The new, massive stimulus bill enacted into law on December...
Five things to know about employing your spouse.
Five things to know about employee in your spouse1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages ...
Q&A: PPP Forgiveness Answers for S Corporation Owner-Employees
Q&A: PPP Forgiveness Answers for S Corporation Owner-Employees Tax law definitions do not apply to much of the...
Spending the PPP Money on You and Your Employees
Spending the PPP Money on You and Your EmployeesIf you report your business income and expenses on Schedule C of your...
What are My Self-Employed Tax Obligations?
What are My Self-Employed Tax Obligations? As a self-employed individual, generally you are required to file an annual...
Reporting cash transactions helps government combat criminal activities
Reporting cash transactions helps government combat criminal activities FS-2020-11, July 2020 The information on Form...
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plansIR-2020-172,...
Avoid the Gift Tax—Use the Tuition and Medical Strategy
Use Your Business to Maximize Charitable DonationsIf you or a well-off relative are facing the gift and estate tax,...
Eight Things to Know About the SECURE Act
Eight Things to Know About the SECURE ActThe Setting Every Community Up for Retirement Enhancement (SECURE) Act...
Use Your Business to Maximize Charitable Donations
Use Your Business to Maximize Charitable DonationsGiving to your church, school, or other 501(c)(3) charity is a noble...
Solo 401(k) Could Be Your Best Retirement Plan Option
Solo 401(k) Could Be YourBest Retirement Plan Option Have you procrastinated about setting up a tax-advantaged...
Kiddie Tax Changes
Avoiding the Kiddie Tax after Tax Reform In December 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA) and...
Eight Changes in the SECURE Act You Need to Know
Eight Changes in the SECURE Act You Need to Know As has become usual practice, Congress passed some meaningful tax...
Congress Reinstates Expired Tax Provisions
The big five tax breaks that most likely impact yourForm 1040 Congress let many tax provisions expire on December 31,...
Tax Issues of Converting Your Residence into a Rental Property
Tax Issues of Converting Your Residence into a Rental Property The simple maneuver of converting your personal...
How to Deduct Assisted Living and Nursing Home Bills
How to Deduct Assisted Living and Nursing Home Bills” Watch your wallet: the median cost in 2018 for an assisted...
Know Whether Your Trip Is a Deductible Business Expense
Know Whether Your Trip Is a Deductible Business ExpenseTo help you understand business travel, consider this: You...
New Individual Coverage HRA Allows You to Reimburse Employees for Health Insurance
New Individual Coverage HRA Allows You to Reimburse Employees for Health InsuranceThe new Individual Coverage HRA...
Can the IRS Require Odometer Readings with the Mileage Rate?
Can the IRS Require Odometer Readings with the Mileage Rate? Do you claim your business miles at the IRS optional...
QBI Issue When Your S Corp Is a Partner in a Partnership
QBI Issue When Your S Corp Is a Partner in a PartnershipIt’s common to consider making your S corporation (versus...
Avoid This S Corporation Health Insurance Deduction Mistake
Avoid This S Corporation Health Insurance Deduction MistakeIf you own more than 2 percent of an S corporation, you...
Know These Tax Rules If Your Average Rental Is Seven Days or Less
Know These Tax Rules If Your Average Rental Is Seven Days or LessIf you own a condominium, cottage, cabin, lake or...
Combine Home Sale with the 1031 Exchange
Combine Home Sale with the 1031 ExchangeYou don’t often get the opportunity to even consider making a tax-saving...
Backdoor Roth IRA Opportunities Still Available After TCJA
TCJA Tax Reform Sticks It to Business Start-Ups That Lose Money Good news. The Tax Cuts and Jobs Act (TCJA) didnot...