A Roth IRA is a powerful, tax-advantaged retirement plan that can save you a lot of money. So is a Foreign Sales Corporation (FSC). In my new article, I’ll show you how to put a tax-advantaged FSC inside a tax-advantaged Roth IRA. The result? More money in your pocket! If you want to find out how to turbo charge your retirement plan, I urge you to check out my new article … [Read more...]
How to add deductions to your HSA?
Why is the Health Savings Account (HSA) so popular? Because, as you may know, it’s a great way for you to claim a tax deduction for the money you put into your HSA without itemizing deductions. What’s more, that money grows tax deferred inside the HSA. What you may not know is that you can add a Section 105 Plan, FSA, or HRA on top of your HSA if you understand the tax law. … [Read more...]
Get a bonus depreciation on your trade in
Let’s start with a definition: Your trade-in of a business vehicle or airplane on a like-kind business vehicle or plane is called a “Section 1031 exchange.” The good news is that you don’t pay taxes on a 1031 exchange (unless you receive cash or a reduction in debt). But that’s not all. By using some proven tax strategies, you can make the 1031 exchange even better! Want to … [Read more...]
How to avoid a life insurance tax trap
Do you own a life insurance policy? If you do, there’s a fact you should know. FACT: The build-up of cash value in your life insurance policy, coupled with loans against the policy, can create a whopping, unexpected tax bill. If you want to learn when life insurance policy loans create taxable income, I urge you to read my new article titled Tax Tips: Life Insurance Policy … [Read more...]
The defined benefit pension plan option
Welcome to the fifth and final installment in our series on the best tax-smart retirement plans for small businesses. In my new article we’ll be taking a close look at the defined benefit retirement plan. It might be the perfect choice if you’re age 50 or older and your business earns you a healthy income. Does that describe you? Then don’t wait. Read my article titled Tax … [Read more...]