“Working Overtime? Get your Tax-Free Supper Money” To get my complete, FREE articlewith all the details… In this article, you’ll learn how the Tax Cuts and Jobs Act(TCJA) tax reform applies to your supper-money meal-allowance, and discover the four rules that give you thetax deduction, at least for now. It would be great if all your company’s work could be … [Read more...]
Tax Planning
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Improper ERC Claim? Pay Back 80%, Keep the Rest
“Improper ERC Claim?Pay Back 80%, Keep the Rest” To get my complete, FREE articlewith all the details… Did you improperly claim an employee retention credit (ERC)? Well, if you expect the IRS to punish you with painful penalties, perhaps not. As things stand now, all you have to do is return 80% of the credit to the IRS and keep the remaining 20%, including … [Read more...]
There’s Extra Tax When You Sell Qualified Improvement Property (QIP)
“There’s Extra Tax When You SellQualified ImprovementProperty (QIP)” To get my complete, FREE articlewith all the details… Do you own, or are you just thinking of owning, an office building. Or perhaps a store, a warehouse, or a factory building? If you are, there’s every chance you’re thinkingof making improvements to the interior of yourbuilding. If you do … [Read more...]
Overfunded 529 College Savings Accounts
“Overfunded 529College Savings Accounts” To get my complete, FREE articlewith all the details… Funding a 529 college savings account can be a great idea. But what happens if you overfund your 529 plan? In this issue of the Tax Reduction Letter, I’ll provide you with flexible strategies that help solve a wide range of problems. Scenario #1: What happens to … [Read more...]
Essential Update: Navigate the New 2024 Corporate Transparency Act Requirements
13 Answers on the New 2024 CTARequired BOI Reporting to FinCEN To get my complete, FREE articlewith all the details… Are you ready for the groundbreaking changes brought by the Corporate Transparency Act (CTA) effective from January 1, 2024? This is not just another legal update – it's a crucial shift in the financial landscape for certain defined small businesses … [Read more...]