You may not be working in retirement, but if you know how to play your cards right, your Section 105 medical-reimbursement plan can keep working for you even after you call it quits. What’s the catch? There isn’t any but you have to do some planning. Which is where my new article comes in. It will show you how to make sure your Section 105 plan continues providing tax benefits … [Read more...]
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Don’t make this fatal tax-deduction error
Tax deductions are great. But you have to make sure they’re legal. In my new article, I’ll tell you about Dr. Elick who wanted to create fat deductions but made a devastating error that cost him dearly. You see, he created an Employee Stock Ownership Plan (ESOP) to maximize his deductions, and also created a management services corporation to provide services to his … [Read more...]
The dangers of a “Self-Directed” IRA
Are you thinking of investing in a “self-directed” IRA? If you are, here are two words of advice… “Watch out!” You see, unlike a regular vanilla IRA, a self-directed IRA allows you to invest in all kinds of nontraditional assets like apartments, duplexes, equipment leasing, first and second mortgages, limited partnerships, commercial paper, and more. The result? It’s … [Read more...]
How to get a tax benefit if you total your car (Ouch!)
The IRS has a nice euphemism for a car wreck… They call it an “involuntary conversion.” Of course, no one wants to lose their business vehicle in any kind of crash, wreck, or conversion. But if you ever do (and we hope you don’t!), you should at least get all the tax benefits coming to you. You’ll find out how to get them when you read my new article titled Tax Tips: Ouch! … [Read more...]
Why Section 1045 of the tax code can be your friend
Good news from your buddies at the IRS… If you handle things the right way, they’ll let you buy a small business, sell it a huge profit, and defer the taxes as if you had completed a tax-deferred exchange! That’s right. Thanks to Section 1045 of the tax code, you can enjoy the exact same tax-deferral benefits that you can get with a Section 1031 exchange. Want to find out … [Read more...]