Under the Tax Cuts and Jobs Act (TCJA), miscellaneous itemized deductions were suspended from 2018 through 2025. The OBBBA now makes that suspension permanent. That means deductions for unreimbursed employee business expenses, investment expenses or other “miscellaneous” costs previously subject… Read Now >>
When you mention real estate investment to many financial advisors, you may just get a look of concern or confusion. It’s not that they don’t believe it is another way to build wealth. It’s that they may not fully understand… Read Now >>
Real estate is one of the most popular investment strategies for building wealth, preserving it and creating enduring financial freedom. Investing in real estate opens a treasure trove of tax advantages that the traditional investment strategies sold on Wall Street… Read Now >>
There’s a reason that so many real estate magnates show up when you look at lists of some of the wealthiest and most influential individuals in the world. We even have one sitting in the Oval Office right now, but… Read Now >>
Do your eyes gloss over when you look at your tax return? Do you even truly know if your returns are prepared accurately? Are you aware of any last minute tax saving opportunities? We have found that most people answer… Read Now >>
We’ve talked a lot about tax planning this month, and sometimes it helps to see some of these tax strategies in action with real-world results. Though we will not share any names in order to protect the privacy of Illumination Wealth’s… Read Now >>
Wouldn’t it be nice if all of our lifestyle spending was tax deductible? Well, there are ways to coordinate personal lifestyle planning strategies with solid tax planning to save you thousands of dollars per year in taxes. There is however… Read Now >>
Being self-employed has its advantages, especially when it comes to tax planning. There are numerous tax and retirement planning strategies you can employ by integrating certain aspects of your personal lifestyle into your business finances. First, a quick disclaimer. It… Read Now >>
Building wealth isn’t about how much money you make, it’s about how much money you keep. One of the biggest factors in how much you get to keep is directly related to how much of your income goes to taxes.… Read Now >>
You may not realize this but taxes are likely your single biggest expense when you add them all up – Federal Income Tax, State Income Tax, Payroll Tax, Corporate Tax, Sales Tax, Property Tax, and the list goes on. But… Read Now >>
Financial Independence Planning is comprised of many financial details and assumptions about the future. Many financial advisers seek to add unnecessary granularity in hopes of delivering their clients a magic retirement number. On this episode, we discuss the two essential… Read Now >>