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Maximize Tax-Free Health Benefits with Your Spouse as an Employee
If you run a sole proprietorship or a single-member LLC taxed as a proprietorship, and your spouse is your only eligible employee, you have a unique opportunity to reduce your tax liability while providing tax-free health insurance benefits. This strategy… Read Now >>
Should You Consider an IRA to HSA Rollover in 2023?
April 13, 2023
Health Savings Accounts (HSAs) can be highly effective when you have a high-deductible health plan and significant medical expenses. In addition to helping cover medical costs, they can also function as an excellent retirement account because they have three unique… Read Now >>
How NFT Transactions Can Affect Your Taxes
April 11, 2023
If you bought, sold, donated or received a non-fungible token (NFT) in 2022, you must answer “yes” on the digital assets questions of your IRS Form 1040. You may also be liable for paying taxes or be able to claim… Read Now >>
The Basics of FDIC Insurance
March 23, 2023
When you open a bank account such as a checking or savings account, you may notice that the bank says they are FDIC-insured. It’s something a lot of people don’t even pay much attention to. However, it could ultimately make… Read Now >>
How to Maximize Tax Deductions from Your Meals and Entertainment
March 15, 2023
There have always been many questions surrounding tax deductions for business meals and entertainment. The past two years had very generous tax deductions thanks to President Biden’s Consolidated Appropriations Act of 2023. Businesses were able to deduct 100% of business-related… Read Now >>
Why You Don’t Want to Hold Property in a C-Corp
March 9, 2023
Investing in real estate is generally a great long-term plan. The market has cooled off in most parts of the country, so good properties are available at attractive prices. However, taxes can be a major concern for C-corporations. Owning real… Read Now >>
What You Need to Know About IRA RMDs
March 1, 2023
If you have an IRA or other tax-deferred retirement account like a 401(k), you must start taking required minimum distributions (RMDs) once you reach a certain age. The SECURE 2.0 Act raises the age at which RMDs must first be… Read Now >>
Understanding Passive Loss Rules for Rental Property Owners
February 22, 2023
Passive loss rules have been commonly misunderstood by rental property owners since they were first introduced in 1986. Today, we want to provide a better explanation of passive loss rules and how you can use the current tax laws to… Read Now >>
(Replay) Implementing The Profit First System
February 17, 2023Pros and Cons of a Delaware Statutory Trust
February 15, 2023
Last week, we talked about the tax advantages of Section 1031 exchanges. You can sell qualified assets like real estate and avoid taxation by purchasing like-kind property. Your heirs can also benefit from 1031 exchanges if the new property is… Read Now >>
Tax Advantages of a Section 1031 Exchange
February 8, 2023
It’s no secret that Section 1031 exchanges offer a great wealth-building solution for real estate investors. It allows you to make a like-kind exchange of properties with tax-deferred advantages. Tax Advantages of 1031 Exchanges You will be able to avoid… Read Now >>
