To get my complete, FREE articlewith all the details… Using PayPal, and similar payment services, can be a great way to pay bills and shop online. However, as the IRS discovered, when taxpayers use third-party settlement organizations (TPSOs) like PayPal, they can use a loophole in the law that makes it easy to avoid declaring income. Here’s how they did it. Under … [Read more...]
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How to Cut Taxes When You Are Self-Employed
To get my complete, FREE articlewith all the details… Some people collect baseball cards. Others collect stamps. Savvy taxpayers, who want to cut their tax bills, collect deductions. Sure. You already know you can claim deductions on everything from business-car usage to home offices. But in my new issue of the Tax Reduction Letter, I’ll show you how to claim … [Read more...]
QBI Update: Impact of Negative QBI and Previously Suspended Losses
Section 199A of the tax code can give youa 20% deduction… or a throbbing headache. We’ll give you the details (and a couple of aspirin)when you read the full article: “QBI Update: Impact of Negative QBI andPreviously Suspended Losses” [QBI=Qualified Business Income] Is your business defined by the IRS as a pass-through entity*? (If you’re reading this email, it … [Read more...]
SEP IRA vs. Solo 401(k): Which Should You Choose?
Everybody wants to enjoy a comfortable, secure, carefree retirement. But achieving this goal depends on the choices you make today. That’s why, in this issue of the Tax Reduction Letter, we’ll help you make a very important decision… Should you choose to open a SEP IRA,or a Solo 401(k) retirement plan? Both of these tax-favored retirement plans can help you build … [Read more...]
Case Study: Trade-In on a New SUV—Reimbursement by Corporation
Meet Joyce. She just decided to trade in her three-year-old vehicle for a shiny new SUV. Sounds like a straightforward transaction, doesn’t it? … but it isn’t! You see, Joyce operates her business as an S corporation and wants the corporation to reimburse her for depreciation and even bonus depreciation. That’s when things get tricky. You see, the Tax Cuts and … [Read more...]