Top Tax Credits Every American Should Know

Top Tax credits

With all of these tax credits to choose from, hopefully there is one that can benefit you. Make sure to discuss any of these credits with your tax advisor if you think you qualify.

The Most Common IRS Penalties and How to Avoid Them

common IRS penalties

There are three (3) common IRS penalties that hit individual taxpayers the most. They can easily be avoided with a little planning. Listen…paying taxes is difficult enough, don’t add insult to injury by having to pay penalties and interest on top of income taxes. The Late Payment Penalty – Not paying what I owe by […]

Moving to a Different State to Save on Income Tax

Save on State Income Tax

If you’re considering making a move to save on state taxes, create a master spreadsheet with all of the possible taxes, cost of the move, savings in the cost of living, etc., and carefully determine if it makes sense on paper. Then, if does, get to work taking the steps to actually move your residency or domicile. It doesn’t happen overnight.

When to use an S-Corporation

Don’t underestimate the power of the S Corp and get a second opinion if anyone says an S Corp isn’t the best fit.

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.

The Magic of the Mega Backdoor Roth

Mega Backdoor Roth

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.

How a Small Business Saves Taxes and Builds True Wealth

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 Power of the Health Savings Account (“HSA”)

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.

Last Minute Tax Strategies Before Filing

Taxes-by-October-15th-deadline

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:

How Much should I send in with My Extension?

But what if you STILL owe taxes for whatever reason and the May 17th deadline is really concerning you?  Here’s what you need to do in order to minimize any penalties and interest.