How to get a Cruise Cost Tax Write-off in 2021

by Mark J. Kohler | Aug 24, 2021 | Business Tips, Newsletters, taxes

I recently returned from a cruise. The first 7-day Royal Caribbean cruise since the disruption of 2020. I still had to wear masks here and there on the ship. At least the crowds were down and it was nice to be on a trip again.  I just wish it would have been a...

Does the Household Employee Tax Apply to Me and What to Do

by Mark J. Kohler | Aug 22, 2021 | Blog, Business, Business Tips, Legal Tips, taxes

You may have thought the only time you may need to worry about the so-called “Nanny Tax” is if you decide to run for public office and facing a pesky reporter at a political rally. However, it’s a concern everyone needs to take seriously. If you have any...

Paying Your Children in the Business: Young or old

by Mark J. Kohler | Jun 21, 2021 | Business Tips, Tax planning, taxes

Paying your children for working in the business has to be one of the most underutilized tax strategies by small business owners with families today. If your children, young or old, work for you in your business (or should be), it’s important to pay them for...

What is the Mega Backdoor Roth and When does it Make Sense?

by Mark J. Kohler | Jun 15, 2021 | Tax planning, taxes, Uncategorized

A Mega Backdoor Roth is a strategy to put away as much Roth money as you can in one given year. If you’re age 50 or older, this could exceed over $70,000! Regrettably, it’s not as simple as making one call to your financial advisor or your HR Department, it will...

The Power of the Charitable Remainder Trust

by Mark J. Kohler | Jun 10, 2021 | Business, Business Tips, Financial Advice, taxes, Uncategorized

The Charitable Remainder Trust or CRT is a very powerful tool to save taxes and protect assets. In fact, there are a number of benefits available to the average taxpayer. The CRT can be an important option for anyone selling an asset with a big gain! What is a...

Health Care Tax Strategies for Small Business Owners

by Mark J. Kohler | Jun 1, 2021 | Financial Advice, Health Care, Tax planning, taxes

Health care & insurance for entrepreneurs is one of the biggest and most powerful tax strategies available! Many entrepreneurs don’t realize it, but as small-business owners, we have more options to save on healthcare and insurance costs than any other group of...