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...]
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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...]
Two Correct Ways to Deduct Your Home Office with a Partnership
Are you running your business as a partnership? If you are, as a result of the COVID pandemic, you’re probably working at home a lot these days. Well, in our new issue of the Tax Reduction Letter, we’ll tell you the good news about how you and your partner/partners can benefit from the home-office deduction. Yes. Taking advantage of two totally-legal strategies can be … [Read more...]
All About Limited Liability Companies (LLCs)
What form of business entity makes the most sense for your business? Very possibly it’s an LLC. Sure. Proprietorships, partnerships, and S or C corporations have their strong points. But LLCs also offer tremendous advantages that you really should know about. For starters, LLCs offer huge legal and federal income-tax advantages that can save you a ton of money. Want … [Read more...]
Nine Insights into PPP Loan-Forgiveness for the Self-Employed
Are you self-employed with no employees?Did you apply for a CORVID-19 Paycheck Protection Plan (PPP) loan?Did you already receive your money? Great. Now you need to know how to handle your PPP money so that you qualify for the all-important loan forgiveness! If you have questions about how to proceed legally and come out a winner, you need straight answers. That’s … [Read more...]