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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 >>

2021 Year-End Tax-Saving Tips for Business Owners

November 10, 2021
Office interior, representing business tax deductions

Your goal when preparing your tax returns is to get the IRS to owe you money. That will not always happen for business owners, but you can at least take steps to minimize your tax liabilities and maximize cash flow.… Read Now >>

New Child Tax Credit—What You Need to Know

November 3, 2021
Family silhouette forming house. Child Tax Credit concept.

The American Rescue Plan enacted earlier this year established a new Child Tax Credit program. It increased the credit from $2,000 per child to $3,000 per child for children over the age of six. For children under the age of… Read Now >>

The Basics of Depreciation

October 27, 2021
property depreciation

Depreciation is a tax benefit that is often underutilized, misutilized or simply misunderstood by many American taxpayers and business owners. If you are thinking about making a significant purchase of property for personal and/or business use (car, real estate, computer,… Read Now >>

Information About the Principal Residence Gain Exclusion Break

October 20, 2021
Sold sign in front of house

We’ve been looking at year-end tax planning on the Illumination Wealth Blog. 2021 is coming to an end soon and there are tax law changes on the horizon for 2022 and beyond. It’s time to adjust your tax plan. Take… Read Now >>

Year-End Tax Planning for New Tax Laws: Estate Taxes

October 13, 2021
calculator, journal and office supplies for tax planning

In our previous two articles, we covered the proposed individual tax changes and business tax changes that have been proposed as part of the American Families Plan backed by President Biden and the House Ways & Means Committee. The goal… Read Now >>

Year-End Tax Planning for New Tax Laws: Business Taxes

October 6, 2021
Business partners tax planning

This is the season for year-end tax planning. Updating your tax plan and overall financial planning strategy for 2022 is even more important because of potential tax changes on the horizon. President Biden and the House Ways & Means Committee… Read Now >>

Year-End Tax Planning for New Tax Laws: Individual Taxes

September 22, 2021
Calendar with glasses - year-end tax planning metaphor

President Biden and the House Ways & Means Committee have proposed a number of significant tax changes as part of the American Families Plan. If enacted, we could see some new tax laws starting as soon as 2022. This time… Read Now >>

Using Real Estate to Pay for College

September 15, 2021
Real estate investment concept - saving money for college expenses

Last week, we talked about different ways to save for college and pay for your children’s college expenses. You can invest in a 529 plan or explore other college savings methods that may offer you steady funding when it’s time… Read Now >>