December 31 is approaching fast. Why are we calling attention to this date? Because it’s the last day you can take advantage of some valuable tax deductions you might have overlooked. That’s right. If you know the IRS rules (and we do!), your currently-owned business cars, SUVs, trucks, and vans, (and even your personal vehicles!), can be the source of significant … [Read more...]
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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...]
New Law Kneecaps Stretch IRA—Here’s What You Can Do About It
Do you have an IRA? Then I urge you to read the full article. Why? Because it explains how the SECURE act, enacted by Congress last December, severely and negatively impacted the Stretch IRA strategy. NOTE: The “SECURE” stands for, “Setting Every Community Up for Retirement Enhancement.” What exactly was the Stretch IRA? The Stretch IRA wasn’t another kind of IRA. It … [Read more...]
COVID-19 Strategy: Hire Family Members to Create Tax Benefits
Want to improve your cash flow during this difficult period? Here’s some good advice… Hire one or more of your family-members to work in your business. When you do, you can help your business and family meet their financial needs and save money on taxes! Do you have questions about how to save money by hiring family members to work in your business? Well, we have … [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...]