Blog Posts
$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...
Section 1031 Exchanges vs. Qualified Opportunity Zone Funds-Commercial or Rental Property
Selling Commercial or Rental Property? Have you sold, or are you planning to sell, commercial or rental property? To avoid immediately paying capital gains tax on the profit of your sale of commercial or rental property, you have options: •...
Use In-Kind Required Minimum Distributions to Avoid Selling Retirement Account Assets
Required Minimum Distributions Are you 72 or older? If so, you must take a Required Minimum Distribution (RMD) from your traditional IRA, SEP-IRA, or SIMPLE IRA by the end of the year. If you turn 72 this year, you can wait until April 1 of...
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
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
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
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
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
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 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...