A good Ponzi scheme can be hard to detect. For example, the schemer may pay 10% interest when the going rate is 5%. But the Ponzi swindler pays the victim’s 10 percent with money collected from other victims. It’s a house of cards that ultimately fails as Bernie Madoff can attest. Victims can lose their entire investments. Why is the Tax Reduction Letterinterested in … [Read more...]
Seven Last Minute Biz Deductions
As a business owner, do you want to pay more in income taxes than you have to? Of course not! That’s why you should check out the seven business tax-deduction strategies in this new issue of the Tax Reduction Letter. These perfectly legal strategies, that you can put to work now, can help produce additional business tax deductions (and/or create less taxable income) … [Read more...]
If the SBA Made Six Loan-Payments on Your Behalf, Are You Taxed?
As you probably know, the Small Business Administration (SBA) offered two kinds of much-needed loan assistance… Payroll Protection Program (PPP) loansEconomic Injury Disaster loans But do you know about the other SBA loan programs? There were several loan programs that pre-dated the pandemic and didn’t require a disaster to occur in order for you to qualify. These … [Read more...]
2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Sure, you can pay Uncle Sam more taxes than you have to. But why? You see, if you know how to take advantage of all that the law allows, you can save a bundle. Let me be specific. After you read this article, take my advice and act by December 31. When you do, you can get five year-end family-related tax breaks that can leave more money in your pocket. Are you … [Read more...]
2020 Last-Minute Vehicle Purchases to Save on Taxes
Here’s an easy question: Do you need more 2020 tax deductions? If yes, continue on. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement vehicle), but you need to get your vehicle in service on or before December 31, … [Read more...]