Here’s good news if you own a stock portfolio. (And if you’re a reader of the Tax Reduction Letter, I’ll bet you do.) If you know how to play the game, you can turn your stock portfolio into a year-end tax-reducing machine. The basics are really pretty straightforward. Avoid the high taxes (up to 40.8%) on short-term capital gains and ordinary income.Lower the taxes to … [Read more...]
2020 Last-Minute Year-End Retirement Deductions
Are you currently using a retirement plan that’s helping you and your employees reach important retirement goals? Well, you should have one. And soon. (Read the article for full details.) Why the rush? Because if you act by December 31, you’ll be able to put a business retirement plan in place, or make the switch to an extremely useful Roth IRA (if your income is down … [Read more...]
Government to Landlords: Drop Dead
It’s a sad fact. Because of the COVID-19 pandemic, many tenants simply can’t pay their rent. That’s why the government declared an unprecedented, nationwide moratorium on evictions for non-payment of rent. But tenants aren’t the only ones to suffer… Landlords have financial responsibilities too! If they can’t collect the rent that’s owed them, they are also up … [Read more...]
The Latest Payroll Tax Deferral: An Offer You Should Refuse?
“Never put off until tomorrow what you can do today” Well, now there is something you can put off until tomorrow. I’m talking about… from September 1, 2020 through December 31, 2020, not withholding the employee share of Social Security taxes from the employees and, of course, not paying those monies to the government. This new deferral option was made possible by an … [Read more...]
Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary
If you set up your S corporation to save money on taxes (and I’ll bet you did), this article is for you. You see, it will explain an extremely important decision you have to make. A decision that can have a huge impact on how much taxes you will have to pay. I’m talking about how you determinewhat your S corporation salary will be. The fact is, to take advantage of all … [Read more...]