Do you operate as a sole proprietor? Do you want to know which tax-advantaged retirement plan makes the most sense for you? Then consider going with a “solo 401(k)” plan. What’s the most important advantage of going the solo 401(k) route? It potentially lets you make much larger annual deductible contributions to your account, and lets that money grow over time, tax … [Read more...]
Why a SIMPLE-IRA Could Be Your Best Retirement-Plan Alternative
Are you starting out in business? Is your business currently generating only modest income? Then consider opening a SIMPLE-IRA. The SIMPLE-IRA is an excellent retirement plan that can dramatically reduce your tax bill and help you provide for a secure retirement. Why is the SIMPLE-IRA a great choice for your business? Because it gives you the choice to … [Read more...]
IRS Issues New Bitcoin Tax Guidance
Do you invest in bitcoin or other cryptocurrencies? Do you accept cryptocurrencies as payment in your business? Then my new article is for you! You see, in 2019 the IRS issued new guidance dealing with cryptocurrency tax issues that may have important consequences for you. The punch line: if you bought or sold cryptocurrencies this year, you better report the … [Read more...]
TCJA Changes Vacant Land Tax Strategies
Do you own a vacant lot or other unproductive land? If the answer is “yes,” it’s very likely you’ll need new strategies for tax years 2018 through 2025. You might even need to consider making different investments! Why? Because the Tax Cuts and Jobs Act (TCJA) has impacted every cost you incur to carry that vacant lot or unproductive land investment. Want to understand … [Read more...]
Know These Divorce-Related Tax Issues for Small-Business Owners
Are you going through a divorce or thinking about ending your marriage? If you are, I urge you to consider the important tax consequence you’ll face. Thanks to the Tax Cuts and Jobs Act (TCJA), those consequences have changed for tax-years 2018 and later. As a small business owner, what do you need to know in order to emerge from a divorce with the most favorable tax … [Read more...]