Tax preparation and tax advice are very different things. Many taxpayers assume that when they have their taxes prepared by a professional, they’ll also get tax planning advice or recommendations for ways to reduce future taxes. This doesn’t always happen and there are a number...
A provision in the Tax Cut & Jobs Act allows for the investment of capital gains into a Qualified Opportunity Zone (QOZ) up to 180 days after taking those gains. Also, partnerships, LLCs, and other pass-through entities have 180 days after the end of their...
[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front and then, with the proper holding period, pay no taxes after...
S Corporation Owner: Are you taking advantage of every legal tax break you're entitled to? If not, you could be throwing away many thousands of dollars. Ouch! That's why I wanted to share with you ten perfectly legal strategies that can dramatically cut your tax bill and...
To qualify for the 20% QBI deduction as a rental real estate owner, taxpayers must establish that they’re engaged in a “qualified trade or business” in the first place. Which, when it comes to rental real estate activity, isn’t always clear… In December 2017, the Tax...
Does your out-of-favor specified service business give you a zero Section 199A tax deduction because your taxable income is more than¹ $415,000 on a joint return or $207,500 on all other returns? Whether or not you have an out-of-favor business, you qualify for the full 20...
State and local taxes have been fully deductible on federal income tax for over a century. But that deduction is limited to $10K under the TCJA. This is a particular problem for those in high-tax states. Here’s how to cope. Since the original passage of the...
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.” It’s a quote that comes down to us from Benjamin Franklin, who uttered the phrase in 1789. Taxes–federal, state,...