As year-end approached in 2019, all was not deadlocked in Washington. You see, on December 20th the president signed off on an important new law called the Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act. The new law, explained in my new article, makes significant changes in how you can… Save money for retirementUse your … [Read more...]
Unlock Tax Deductions with a Rental-Property Home Office
Want to get an early start cutting your tax bill in 2020? Then my new article is for you! You see, if you’re running a proprietorship, partnership, or corporate business, you probably already know that a home office can offer a significant tax deduction. But what you may not know is that you can get a home-office deduction for your rental property as well as a deduction … [Read more...]
Congress Reinstates Expired Tax Provisions—Some Back to 2018
This is the story of death and resurrection. No. I’m not talking about religion. I’m talking about some important changes congress made to the tax law. Let me explain… Congress, in its wisdom, left many tax breaks, called “extenders,” to expire on December 31, 2017. This means the extenders were killed for all of 2018. Ouch! Then the resurrection took place. … [Read more...]
Congress Kills TCJA Kiddie Tax Changes
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, made some nasty changes. One specific nasty change was to the so-called “Kiddie Tax.” You see, the TCJA law changed the way in which the IRS taxed your children’s investment-type income. This nasty change meant that your children likely had to suffer an enormous tax increase. But wait! The Congress, changed … [Read more...]
Should You Operate Your Business as a Partnership (or an LLC Taxed as a Partnership)?
What form of business makes the most sense for you? A general partnership? A multi-member LLC taxed as a partnership? An S corporation? A C Corporation? In this article posted with the Tax Reduction Letter you will get a close look at multi-member LLCs treated as partnerships for tax purchases. Why? Because the multi-member LLC option will almost always be the … [Read more...]