You’ve found the love of your life and you’re ready to tie the knot. As a friend, I’m delighted for you. But as an accountant it’s my duty to warn you that getting married has serious tax implications. Want to learn how federal income taxes, estate taxes, and gift taxes will impact your new married status? Before you get hitched, don’t miss my new article titled Tax … [Read more...]
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Inheriting an IRA? Here’s how to slash your tax bill
Ben Franklin once said "Nothing is sure but death and taxes.” Ben was certainly right about death, but he was (understandably) unaware of some recent, money-saving changes in the tax law. You see, if your spouse dies, and you inherit his or her IRA, you can now get some welcome relief from heavy taxes. Want to find out how to handle an inherited IRA the smart way? Don’t … [Read more...]
Answers to questions about Section 105 medical plans
One of the wonderful things about writing the Tax Reduction Letter is that I often get really great questions from my many readers. I recently got an extremely interesting email from a couple who told me about their situation. Here’s their story… They both are 1099 independent contractors They both work for the same company, file their tax returns jointly, and each has … [Read more...]
Deductions for a home office with two businesses
Claiming a deduction for your home office is pretty straightforward. But things can get very tricky when you add a second business, or your spouse claims the same home office for his/her business. If this is a situation you may have to deal with, I urge you to read my new article titled Tax Tips: Tax Deduction for Home Office with Two Businesses. Three ways our fact-filled … [Read more...]
I’m going to Disneyland! (It’s deductible!)
Do you ever attend conventions or similar meetings? Great! Your attendance automatically qualifies as you having a “substantial and bona fide business discussion.” And when you precede or follow such business discussions with entertainment that takes place in a non-business setting, you can claim some big deductions. For example, going to a convention at the Disneyland … [Read more...]