How would you or your corporation like to help pay for your grandchild’s college education (or other training), and get a nice business tax deduction at the same time? Well, you can. All you have to do is know how to take advantage of Section 127 of the tax code. Want to find out more about how to put Section 127 to work for you? Read my new article titled Tax Tips: … [Read more...]
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Creating More Business-Meal Tax Deductions After the TCJA
Eat up! Thanks to changes in the Tax Cuts and Jobs Act (TCJA), it’s now much easier to write-off business meals for you, your customers, other business contacts — and even your spouse! That’s right. The IRS has reverted to the pre-1963 (more business-friendly) “ordinary” and “necessary” business-expense rules. So what are they? We’ll explain fully when you read my new … [Read more...]
Proprietors and Partners Mistakenly Pay Themselves Illegal W-2 Wages
Sole proprietors and partners often suffer from W-2 envy. And I know why. If they’re earning more than the Section 199A pay limits, they look to W-2 wages as a way to salvage the juicy 20-percent deduction allowed by Section 199A. In fact, some sole proprietors and partners often have their Certified Professional Organizations (CPEO) pay them on a W-2. This is wrong. … [Read more...]
Why a Single-member LLC Is a Smart Way to Own Real Estate
In this issue of the Tax Reduction Letter, we’ll tell you about a totally legal strategy that can provide you with two extremely valuable benefits… A huge reduction in tax complexityCorporate-style liability protection How do you put this proven strategy to work? Easy… Use a single-member LLC for your real estate ownership. When you do, you’ll come out a big winner in … [Read more...]
Free checklist: 10 proven tax-reduction strategies for sole proprietors
All Sole Proprietors! Act now and get your FREE “Sole Proprietor Checklist” Get 10 proven strategiesfor slashing your Schedule C taxes! (No risk. No obligation. No charge.) Dear Sole Proprietor: Careful! You may be overpaying thousands of dollars in taxes! That’s right. Unless you know how to take advantage of the U.S. tax code, you may be paying the IRS a lot … [Read more...]