Don’t get me wrong, the Mega Roth is amazing, but I would suggest you don’t even think about it unless you’ve seriously considered the other strategies above AND have an extra 50k+ to set aside for savings without the need for a current tax deduction.
I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, and save taxes by writing things off you wouldn’t otherwise be able to.
The Health Savings Account is one of the most powerful pieces of a well designed health care strategy. It includes saving money, saving taxes, building a tax-free ‘bucket’ for health care and most importantly taking control of your own health care strategy.
The little-known fact that can transform your Coverdell ESA into a powerhouse for college savings is the fact you can self-direct the investments.
Now although there are reasons not to put your spouse on payroll, I would argue there are two (2) GOOD REASONS to put a spouse on payroll before year-end. Both of these strategies create great excellent tax deductions and good use of money
Single-Member LLC’s have their place in the spectrum of business entity choices, and whether such an entity is right for you will depend on the details of your own personal situation.
They’re typically formed to work in unison with your Will or Revocable Living Trust and not to replace your Estate Plan.
Many parents and grandparents don’t realize how creative they can be in distributing their assets to their children upon their passing. They also think it’s
The Trust creates a structure so that the money is bestowed to the Guardian of your pet in a proper manner with rules and guidelines
Millions of Americans die each year without any type of estate plan in place, and this forces their families into the court system, where they experience huge expenses with probate and significant time delays when they would rather be mourning.
There are several HOT deductions that many taxpayers don’t consider and just ‘leave money on the table’. Here are 6 under utilized write-offs that in my opinion should be a healthy line item on any legitimate small business tax return:
I truly believe that an LLC for every rental property isn’t needed for the far majority of real estate investors. It’s expensive, cumbersome and provides nominal benefit when there’s not a lot of equity in their rentals….yet!!
