What’s the best way to save for retirement? The surprising answer is a Health Savings Account (HSA). The HSA is a tax-advantaged medical savings account, much like an IRA, that’s paired with a high-deductible health plan. Why is an HSA such a great way to save for retirement? Because an HSA is the only tax-advantaged account that gives you three important … [Read more...]
Tax Planning
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What’s the best choice for Vacation-Home Rental? Schedule C or E?
To get my complete, FREE articlewith all the details… Do you rent out a vacation home? If you do, when it comes tax planning you have to make a choice. Should you plan to use Schedule C or Schedule Eto claim your income and expenses? “It all depends.“ Schedule C is the smart choice if you show a tax-loss on your rental property. Schedule C lets you deduct … [Read more...]
A Terrific Perk for You, Your Net Worth, and Your Employees
To get my complete, FREE articlewith all the details… The Tax Cuts and Jobs Act certainly did some good. But it also did some not-so-good things… For example, the Act crushed a huge chunk of business entertainment tax deductions. Ouch! Luckily, business entertainment facilities escapedthe crushing, and such facilities continue to be100% tax-deductible … [Read more...]
Don’t Get Caught in the Self-Rental Trap
To get my complete, FREE articlewith all the details… Let’s say you own a building. Next, let’s say that you rent your building to your business. This arrangement, not unreasonably, is called a “self-rental.” But be aware… If you haven’t done any tax planning, your self-rental may actually turn into a self-rental trap! What exactly is the self-rental … [Read more...]
Tax Implications of Investing in Precious Metal Assets
To get my complete, FREE articlewith all the details… The truth is that making an investment in precious metals may well be worth considering. Why? Because they can diversify your portfolio and may provide you with other important benefits. Now please note that the Tax Reduction Letteris not promoting precious metals. I’m writing because I want you to knowthis … [Read more...]