Hey taxpayer… COME ON DOWN!!! Today we’re going to play the exciting Tax Cuts and Jobs Act (TCJA) game! If you choose the right door, you could win the grand prize of a huge tax break! Ready to play? Okay. Let’s go! Behind door #1 is bonus depreciation. It’s a great way for you to deduct 100% of certain business assets. This can get pretty complicated so before … [Read more...]
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Two Correct Ways to Deduct Your Home Office with a Partnership
Are you running your business as a partnership? If you are, as a result of the COVID pandemic, you’re probably working at home a lot these days. Well, in our new issue of the Tax Reduction Letter, we’ll tell you the good news about how you and your partner/partners can benefit from the home-office deduction. Yes. Taking advantage of two totally-legal strategies can be … [Read more...]
All About Limited Liability Companies (LLCs)
What form of business entity makes the most sense for your business? Very possibly it’s an LLC. Sure. Proprietorships, partnerships, and S or C corporations have their strong points. But LLCs also offer tremendous advantages that you really should know about. For starters, LLCs offer huge legal and federal income-tax advantages that can save you a ton of money. Want … [Read more...]
IRS lets Millions More Qualify for the $100,000 IRA “Grab and Repay”
Are you strapped for cash? Then here’s some good news. The IRS has recently issued new rules designed to help people financially impacted by the COVID-19 epidemic. Thanks to the new rules, millions of people who qualify can withdraw up to $100,000 from their IRAs without penalty! Yes, the money must be repaid, but you have three years to return it; again, without … [Read more...]
Potential Estate and Gift Tax Threat: Should You Worry?
If you’re financially well off, there’s an unpleasant fact you have to face… Today’s extremely favorable federal estate and gift tax rules may not survive the year! Why? Because our country might finally be forced to confront the issue of huge federal budget deficits made worse by costly federal COVID-19 relief measures. The result? As a way to pump more tax money into … [Read more...]