Say goodbye to privacy.Say hello to new reporting requirements. Read the full article:“Congress Passes Corporate Transparency Act:What It Means for You” Are you running an LLC or a corporation? Then be prepared for an important change in the law… Starting in 2022, the new Corporate Transparency Act (CTA) goes into effect… For the first time, federal law will … [Read more...]
Use the IRS Safe-Harbor Tax Relief for Ponzi Scheme Losses
A good Ponzi scheme can be hard to detect. For example, the schemer may pay 10% interest when the going rate is 5%. But the Ponzi swindler pays the victim’s 10 percent with money collected from other victims. It’s a house of cards that ultimately fails as Bernie Madoff can attest. Victims can lose their entire investments. Why is the Tax Reduction Letterinterested in … [Read more...]
2020 Last-Minute Year-End Medical Plan Strategies
I want to ask you an extremely important question. Are you a small-business owner with fewer than fifty employees? If you are, then take my advice… You should definitely have a medical-plan for your business in place before 2021 rolls around! Why? Because having a medical plan makes for a happy workforce and, in the right circumstances, can save you a lot of … [Read more...]
2020 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
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...]