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IRS Audits: What You Need to Know
The tax deadline is now behind us. Yet, some individuals and business owners are always worried about if they did everything correctly to avoid getting audited by the IRS. Filing taxes can be complex and some tax codes can be… Read Now >>
Is a Self-Directed IRA Right for You?
January 19, 2022
Tax-advantaged retirement accounts such as IRAs or 401(k)s are a great way to save for retirement. You are able to put away money and defer the taxes, which allows these funds to mature over time through strategic investment portfolios. Limitations… Read Now >>
How to Lease or Buy a Car in Today’s Crazy Automotive Market
January 12, 2022
It’s no secret that the automotive industry has been experiencing a serious supply chain shortage throughout the pandemic. Auto manufacturers aren’t able to get certain necessary parts like semiconductors and computer chips. In addition, there have been many other production… Read Now >>
Is Your 2022 Financial Plan Ready?
January 6, 2022
7 Financial Planning Tips for the New Year. Happy New Year from the entire team at Illumination Wealth! Now that 2022 is upon us, it’s time to make sure you have a strong financial plan prepared for this year and… Read Now >>
Choosing the Best Homeowners Insurance Coverage
December 22, 2021
If you own a home or investment property, you will need to have homeowners insurance. That should go without saying. How much insurance to get and which coverages are best may depend on where you live, the size of your… Read Now >>
2021 Year-End Tax-Planning Tips
December 20, 20212021 Last-Minute Year-End General Business Income Tax Deductions Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right… Read Now >>
Tis the Season for Tax-Efficient Charitable Gifting!
December 15, 2021
Making charitable gifts is smart for several reasons. First, you are doing good with your donations by supporting nonprofit causes important to you or providing help for those who are less fortunate. Second, charitable contributions are tax deductible for individuals… Read Now >>
2021 Year-End Medical Plan Strategies
December 8, 2021
If you own a small business with 1-49 employees, you should have a medical plan in place. Tax law does not require you to provide medical coverage, but you should. Not only can it help you attract and retain better… Read Now >>
Year-End Family Tax Planning Strategies for 2021
December 1, 2021
Your marital and family situations should definitely factor in when it comes to your year-end tax planning for 2021. There are family tax planning strategies you can implement now to take advantage of current tax codes. In addition, there are… Read Now >>
7 Year-End Tax Strategies for Your Stock Portfolio
November 24, 2021
If you are looking to reduce your 2021 income taxes, you can look to your stock portfolio. There are ways to take advantage of current tax codes. Once you know the rules to the offset game, you’ll be able to… Read Now >>
Section 199A Tax-Reduction Strategies
November 17, 2021
When it comes to your year-end tax planning, don’t forget to consider your IRC Section 199A deduction. If you don’t take advantage of this tax deduction, you may end up with an unsatisfactory $0 for your deduction amount. If your taxable… Read Now >>
