Are your beneficiary designations listed correctly on key documents? Are they up to date? I sure hope so because you may think that with the generous $1.4 million federal estate-tax exemption, your estate wouldn’t owe any federal estate tax. Or that your estate plan is in good order. But things change. Your wishes change. And things can turn ugly fast if your beneficiary … [Read more...]
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Why a Single-member LLC Is a Smart Way to Own Real Estate
In this issue of the Tax Reduction Letter, we’ll tell you about a totally legal strategy that can provide you with two extremely valuable benefits… A huge reduction in tax complexityCorporate-style liability protection How do you put this proven strategy to work? Easy… Use a single-member LLC for your real estate ownership. When you do, you’ll come out a big winner in … [Read more...]
Free checklist: 10 proven tax-reduction strategies for sole proprietors
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...]
Don’t Make This S Corporation Health-Insurance Deduction Mistake
Do you own more than 2-percent of your S corporation? Then be sure to follow the special IRS rules that allow you to deduct your health-insurance premiums. These rules are particularly important if your S corporation employs your parents and/or non-dependent children who don’t own any stock in your corporation. And be aware: If you handle things the wrong way, your … [Read more...]
How to Deduct Medicare as a Business Expense?
If you operate as a proprietorship, a partnership, an S corporation, or a C corporation, you’re undoubtedly aware of an unpleasant fact… Premiums for Medicare health insurance can add up to a lot of money. This is especially true if you earn a high income, you’re married, and both you and your spouse are paying premiums. But hang on for a second. If you know how to play … [Read more...]