Category: <span>Tax Planning</span>

Starting a New Business? Get Up to $100,000 in Tax-Free Money

Starting a New Business? Get Up to $100,000 in Tax-Free Money

Starting a New Business? Get Up to $100,000 in Tax-Free Money You likely already know that the employee retention credit (ERC) is a good deal—if you qualify.  Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to...
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...
Avoid the Gift Tax—Use the Tuition and Medical Strategy

Avoid the Gift Tax—Use the Tuition and Medical Strategy

Use Your Business to Maximize Charitable Donations If you or a well-off relative are facing the gift and estate tax, here’s a planning opportunity often overlooked: pay tuition and medical expenses for loved ones. Such payments, structured correctly, do not represent...
Solo 401(k) Could Be Your Best Retirement Plan Option

Solo 401(k) Could Be Your Best Retirement Plan Option

Solo 401(k) Could Be YourBest Retirement Plan Option Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could...
Kiddie Tax Changes

Kiddie Tax Changes

Avoiding the Kiddie Tax after Tax Reform In December 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA) and changed how your children calculate their tax on their investment-type income. The TCJA changes led to much higher tax bills for many children. On December...
Congress Reinstates Expired Tax Provisions

Congress Reinstates Expired Tax Provisions

The big five tax breaks that most likely impact yourForm 1040 Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead...