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$80 Billion to the IRS: What It Means for You

$80 Billion to the IRS: What It Means for You

You may have noticed that the Internal Revenue Service (IRS) is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing...

Last-Minute Year-End Tax Strategies for Marriage, Kids and Family

Last-Minute Year-End Tax Strategies for Marriage, Kids and Family

Are you thinking of getting married or divorced? If yes, consider December 31, 2022, in your tax planning. Below is a tax strategy list for marriage, kids and for family. Here’s another planning question: do you give money to family or friends...

Last-Minute Year-End Medical Plan Strategies

Last-Minute Year-End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan for their business. Save with these year-end medical plan strategies. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a...

Last-Minute Year-End Tax Strategies for Your Stock Portfolio

Last-Minute Year-End Tax Strategies for Your Stock Portfolio

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2022 income taxes. The tax code contains the basic rules for this game, and once you know the...

Last-Minute Section 199A Tax Reduction Strategies

Last-Minute Section 199A Tax Reduction Strategies

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with an undesirable $0 for your deduction amount. Here are three possible year-end moves that could, in the right circumstances,...

Last-Minute Year-End Retirement Deductions

Last-Minute Year-End Retirement Deductions

The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider for your year-end retirement deductions.. 1....

Last-Minute Year-End General Business Income Tax Deductions

Last-Minute Year-End General Business Income Tax Deductions

The purpose of this post is to get the IRS to owe you money using business income tax deductions. Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the...

Fall Tax Planning Checklist

Fall Tax Planning Checklist

Fall is here! What's a better combination than pumpkin spice and tax planning? How about increasing your cash flow AND reducing tax liability? Ah, now that's a better fall combination! Business owners often wait until year end to really focus...

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