Category: <span>IRA</span>

Tax Code Offset Game

Tax Code Offset Game

2020 Last-Minute Year-End Tax Strategies for Tax Code Offset 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 2020 income taxes.  The tax code contains the basic rules...
2020 Year-End Tax Strategies for Marriage, Kids, and Family

2020 Year-End Tax Strategies for Marriage, Kids, and Family

2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if...
Backdoor Roth IRA Opportunities Still Available After TCJA

Backdoor Roth IRA Opportunities Still Available After TCJA

TCJA Tax Reform Sticks It to Business Start-Ups That Lose Money Good news. The Tax Cuts and Jobs Act (TCJA) didnot harm the backdoor Roth strategy. As you likely know, the Roth IRA is a terrific wayto grow your wealth with a minimum tax downsidebecause you pay the...
Avoid the 1099 Prepaid-Rent Mismatch

Avoid the 1099 Prepaid-Rent Mismatch

Avoid the 1099 Prepaid-Rent Mismatch Two questions:Did you prepay your 2019 rent so that you have a big 2018 tax deduction?How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord? For...
Take Money Out of Your IRA at Any Age Penalty-Free

Take Money Out of Your IRA at Any Age Penalty-Free

Take Money Out of Your IRA at Any Age Penalty-Free You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions. But that’s not true. We have a variety of...