Sure, you can pay Uncle Sam more taxes than you have to. But why? Because you don’t know. You see, if you know how to take advantage of all that the law allows, you can save a bundle. Let me be specific. After you read this article, take my advice and act by December 31. When you do, you may find more money in your pocket. Are you getting married or divorced?Do you … [Read more...]
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2021 Last-Minute Section 199A Tax Reduction Strategies
If your taxable income is above $164,900 (or $329,800 on a joint return), then your type of business, wages paid, and property can reduce and/or eliminate your Section 199A tax deduction. The combinations can create confusion, but you can lessen the confusion by using the 2021 Section 199A calculator. Want to stay on the safe side? Read my new article titled 2021 … [Read more...]
Raise Hell! Your Employee Retention Credit (ERC) Is at Risk
To get my complete, FREE articlewith all the details… Leave it to the IRS to find a new way to hurt S and C corporations. The IRS wants to cause you pain. Here’s how… The new IRS Notice 2021-49 disallows the valuable employees tax credit (ERC) to more-than-50% owners… owners who have certain living relatives. That’s right. Your corporation can’t qualify for the … [Read more...]
Are you a property fixer-up seller or a dealer? The IRS cares!
To get my complete, FREE articlewith all the details… Consider this scenario… • You buy a property• You fix up the property• You sell the property Sounds pretty straightforward doesn’t it? Well, believe me, it’s not! You see, depending on the facts and circumstances relating to your sale, the IRS will determine your tax status. Why does this matter? … [Read more...]
Principal-Residence Gain-Exclusion Break
To get my complete, FREE articlewith all the details… A quick introduction to a very important subject… This issue of the Tax Reduction Letter is Part 2 of my three-part refresher course on how to get the maximum federal income-tax savings from the home-sale gain-exclusion tax break. The gain exclusion at a glance. With residential real-estate markets … [Read more...]