How to Pay Your Kids In Your Business
Why aren’t more small business owners paying their kids under 18? It’s a smart move to shrink your tax liability and gain so much more
How to Choose the Best Health Insurance Plan During Open Enrollment 2024
There are truly several tricks or strategies to maximizing your tax-writes and acquiring the correct health insurance policy.
Top 10 Ways to Avoid an IRS Audit
Here is a list of the TOP 10 things TO do, or NOT do, in order to avoid an audit with the IRS. As many of you can imagine, an audit can be expensive and time-consuming, not to mention, emotionally draining experience. Please take these to heart.
“8 Year-End Tax Tips You Must Complete by December 31st”
This is a unique trick we implement for several clients each year. If you previously paid a lot in Self-Employment Tax and for some reason had an LLC (sometimes a major mistake by other planners), you can easily still elect it to be taxed as an S-Corporation retroactively to January 1st, 2025
The New Home Mortgage Interest Deduction
The new law first imposes a lower dollar limit on mortgages qualifying for the home mortgage interest deduction. Beginning in 2018, taxpayers may only deduct interest on $750,000 of new qualified residence loans ($375,000 for a married taxpayer filing separately), and the limits apply to the combined amount of all mortgage loans. Moreover, the extra $100,000 of home equity interest is gone entirely.
Health Care Tax Strategies for Small Business Owners
Small-business owners have more options to save on healthcare and insurance costs than any other group of Americans! It simply takes a little bit of research and consulting with professionals to create the perfect plan for you.
199A Deduction for Rental Real Estate Investors
If you have rental losses, you DO NOT want your enterprise to be considered QBI and included in the 199A Deduction calculation, BUT you (or your spouse) DO want to be considered a real estate professional in order to deduct the losses against your other ordinary income.
The Real Estate Professional Tax Strategy
I’m often surprised how many taxpayers get fixated on being a Real Estate Professional as their primary tax-planning goal, while others avoid it like the plague. Yet, there are still others that don’t even know what the fuss is all about.
Should I put My Spouse on Payroll?
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
