61 million adults, and over 12.6 million children in the United States, have some type of disability. That’s why ABLE accounts can be so tremendously helpful. These tax-advantaged accounts for the disabled are relatively new and they remain little known. A pity. You see, ABLE accounts can be real game-changers because they allow the disabled to save money without … [Read more...]
Tax Considerations When a Loved One Passes Away (Part 2)
Benjamin Franklin observed that “nothing is certain except death and taxes.” And when the death of a loved one does occur the inevitable issue of taxes does arise. Who is responsible for paying the taxes due upon the decedent’s death? The executor. And if you become an executor, I urge you to read the full article. It’s the second in my three-part series that … [Read more...]
New Stimulus Law Grants Eight Tax Breaks for 1040 Filers
If you’re a regular reader of the Tax Reduction letter, you know our goal is to help small businesses. But in this issue, we’ve got some good news for non-business taxpayers who file Form 1040s. Thanks to the huge stimulus bill enacted on December 27, 2020, there’s a way for everyone to come out a winner. I’m talking about a host of tax breaks that can save money for … [Read more...]
New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses
Here’s a question you might think has a straightforward answer… Are expenses related to your Payroll Protection Program (PPP) loan deductible? So … does this question have a straightforward answer? You must be joking! You see, lawmakers and the IRS have screwed things up royally and the result is complications, contradictions, and confusion. Need help … [Read more...]
Five Things to Know About Employing Your Spouse
Some business owners can employ a spouse and work happily together. Other business owners just can’t work with their spouse. If you’re a person who can employ your spouse and make it work, I’ve got some good news for you. You may be eligible to use some terrific tax-saving strategies. As we’ll explain below, the key to making these strategies work is to use benefits … [Read more...]