Top Sole Proprietorship Retirement Plans to Reduce 2024 Tax Bill
Are you looking for ways to reduce your 2024 tax bill while securing your financial future? Setting up a self-employed retirement plan could be your solution—and it’s not too late! You have several options that can provide significant tax savings, including the following Top Sole Proprietorship Retirement Plans: Each plan has unique benefits depending on […]
Triple Tax Advantages: Reimburse Employee-Spouse for Health Insurance
If you operate a sole proprietorship or a single-member LLC taxed as a proprietorship and your spouse is your only eligible employee, you can take advantage of tax-free health insurance reimbursements while reducing your tax liability. Key Tax Benefits By reimbursing your employee-spouse for health insurance and medical expenses, you can achieve up to four […]
Tax Saving Tips for Small Businesses
Running a small business can be hard, but your taxes shouldn’t be! Find tax saving tips for small businesses below and how to get the most out of this tax filing season. Almost the Last Chance to Claim the 2021 Employee Retention Credit! If your business has not yet claimed the 2021 Employee Retention Credit […]
Last Chance to Claim the 2021 Employee Retention Credit
If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim? The ERC is a refundable tax credit designed to support businesses that retained employees during the COVID-19 pandemic. For the 2021 tax year, eligible […]
How to Correctly Pay Yourself and Take Cash from your Business
A common question among business owners is how to pay themselves from their businesses properly. The correct method depends on your business structure, so I wanted to give you this quick guide to help you navigate this issue and manage paying yourself cash from your business. Sole Proprietors and Single-Member LLCs Partnerships and Multimember LLCs […]
Steps to Take if you Miss an Estimated Tax Payment
Missing an estimated tax payment can result in non-deductible penalties. Make timely payments via IRS Direct Pay or EFTPS—secure and convenient methods to help you avoid the penalties. Here’s what to know: If you want to discuss estimated tax payments, contact us today!
Gather Your Tax Documents Now for Less Filing Stress
My hope for you this first quarter of 2025 is simple: That you have the most stress-free tax season possible. For that to happen, you have to start NOW – primarily, to get a jump start on gathering your documents. Life gets away from you, I know – the kids’ basketball games, work deadlines that keep piling […]
Tax-Free Home Sale: Home Sale Exclusion, When and Why to Report it to the IRS
You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly. To claim the whole exclusion, you must have owned and lived in your home as your principal residence for an […]
Real Estate Professional Status & Passive Losses
Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate professional (IRS publication 925 discusses passive activity and At-Risk Rules and page 8 further explains Real Estate Professional Status). Let’s say you […]
Tax Planning Updates: Inherited IRAs
If you have inherited an individual retirement account (or may someday inherit) IRAs, the 2025 changes may significantly impact your tax planning. Key Updates Spouses and Special Cases Planning Strategies Strategic withdrawals can help you avoid higher tax brackets. For example, spreading withdrawals evenly over 10 years can minimize tax impact. Timing withdrawals based on […]