When a loved one passes away and the painful grieving process begins, the last thing on your mind are taxes and complicated financial matters. But these things are tremendously important, and as soon as possible you’ll need to attend to them. That’s why, starting with this issue, the Tax Reduction Letter is beginning a three-part series designed to help executors perform … [Read more...]
Refresher on Tax-Smart College Savings Strategies for Parents
You already know that college is expensive. But only when you start writing checks to cover your youngster’s college bills, do you really start feeling the terrible pain. How much pain? Well, the average cost of college tuition, fees, and room and board was recently running at $32,500.If your son or daughter is heading to a private, non-profit four-year college, you’ll … [Read more...]
Use the IRS Safe-Harbor Tax Relief for Ponzi Scheme Losses
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...]