All Sole Proprietors! Act now and get your FREE “Sole Proprietor Checklist” Get 10 proven strategiesfor slashing your Schedule C taxes! (No risk. No obligation. No charge.) Dear Sole Proprietor: Careful! You may be overpaying thousands of dollars in taxes! That’s right. Unless you know how to take advantage of the U.S. tax code, you may be paying the IRS a lot … [Read more...]
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QBI and Self-Employment Tax Savings for S Corp. as a Partner
Here are three important questions for S corporation owners: Do you own 100-percent of your S corporation?Is your S corporation a partner in one or more partnerships and does it receive a combination of guaranteed payments and ordinary pass-through income from these partnerships?Do you draw a salary from the S corporation for the services you perform for those … [Read more...]
2018 last-minute year-end tax deductions for existing vehicles
December 31 is right around the corner. Which means now is the time to take advantage of vehicle deductions. I’m talking about extremely valuable deductions you may be able to take on your currently-driven business cars, SUVs, trucks, and vans. But time is running out and you need to act before the end of the year. That’s why I urge you to take a minute right now and read … [Read more...]
Four 2018 last-minute Section 199A tax strategies
2018 is the first year you need to do year-end Section 199A tax planning. And if you fail to plan, there are consequences. Big consequences. For starters, you could miss out on the huge 20-percent deduction you may be entitled to. Ouch! But don’t worry. It’s not too late to bring your Section 199A deduction back to life. The first thing you need to do is take a minute … [Read more...]
Does the spouse partnership really work?
As we explained in a past issue of the Tax Reduction Letter, a spousal partnership can save you a lot of money on taxes. More money, in fact, than a sole partnership or S corporation can. But some of our readers have asked us if an IRS attribution rule (that applies to spouses who conduct passive activities) kills the spousal partnership strategy. Our answer is an emphatic … [Read more...]