Retirement Plan Options for a Single-Owned C or S Corporation
Because you operate your business as a solely owned corporation (C or S) with no employees, several excellent retirement plans are available to you that can provide significant tax deductions and help you build wealth for retirement. The options for single-owned corporation retirement are varied and can be tailored to your needs. Some of the […]
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 […]
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 […]
2024 Last-Minute Tax Tips For Your Stock Portfolio
When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2024 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies. Here’s the gist: Think of […]
New Tax Credits for Electric Vehicles (EVs)
If you’re in the market for a new car, the federal government would like you to purchase an electric vehicle (EV) or plug-in hybrid EV (PHEV). In 2022, Congress enacted the Inflation Reduction Act, which revamped and expanded tax credits for EVs purchased during 2023 and later. As a result of the new law, there […]
2024 Last-Minute Tax Deductions for Existing Vehicles
December 31 is just around the corner! That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2024 taxes. Don’t wait, get on this now! 1. Take Back Your Child’s or Spouse’s Car and Sell It We know—this sounds horrible. […]
2024 Last-Minute Retirement Deductions
The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider if you want to add to your 2024 retirement deductions. 1. Establish Your 2024 Retirement Plan First, a question: Do […]