I’ve got great news for you if you’re… Married and operate your business as a sole proprietor, with no employees [OR] Married and operate your business as a single-member LLC, taxed on Schedule C of your Form 1040 and have no employees If you are in one of these two groups, I urge you to consider hiring your spouse and create a 105-Health Reimbursement Arrangement (HRA) … [Read more...]
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Tax reform says get divorced now. Don’t wait.
Are you thinking of getting divorced? Will you be paying alimony? If you’re answering “yes,” I suggest you act this year. Why? Because tax reform has changed the alimony game, and if you split up after 2018, you could wind up paying double the alimony. Sure, divorce is painful. But having to double your alimony payments makes a difficult situation even worse. To … [Read more...]
Slash Self-Employment Taxes By Renting From Your Spouse
Do you operate your business as a sole proprietor? If you do, you know that Uncle Sam helps himself to a big chunk of your profits in the form of self-employment taxes. To be specific, he’s taking a full 14.13-percent! (That’s 92.35% of the published 15.3 percent because there’s a reduction on Schedule SE.) But hang on a second. There is something you can do to … [Read more...]
Two-car deduction strategies and the IRS/courts
In my article, “Find new tax deductions with two-car tax strategies,” I explained a winning way to keep more money in your pocket. In my new article, you’ll learn how the IRS and the courts view your use of multiple vehicles for business purposes. And the news is good! Want to find out how to keep Uncle Sam on your side when you use two-cars or more? Read my new article … [Read more...]
Careful! Selling to a “related party” can kill tax deductions
What’s worse than losing money on a sale? Losing your tax deductions for that loss on sale. That’s right. If you sell property to a “related party,” you may not deduct your loss on sale. What’s more, the loss you can’t deduct no longer belongs to you. It moves to the related party and can turn a bad situation into a holy mess! Want to find out how to avoid costly … [Read more...]