Happy New Year from Illumination Wealth!

December 28, 2022
Happy New Year from Illumination Wealth

We hope everyone is having a wonderful holiday season and is ready to bring in the New Year this weekend. It’s amazing to believe 2023 is already here, but we can’t wait for everything it has in store. Thank You… Read Now >>

Year-End Tax Planning: Family Tax Strategies

December 21, 2022
Family silhouette, family tax planning strategies concept

Are you planning to get married or divorced soon? Do you give money to family or friends? Do you pay your children to work for your business? If you answered “yes” to any or all of these questions, you will… Read Now >>

Year-End Tax Planning: Small Business Medical Plans

December 14, 2022
Stethoscope, representing small business medical plans

If you are a small business owner with 49 employees or fewer, you should have a medical plan for your business. The tax law does not require you to provide healthcare coverage, but you should consider setting up an insurance… Read Now >>

Year-End Tax Planning: New Business Vehicle Tax Deductions

December 7, 2022
Semi truck and trailer - representing business vehicle tax deductions

If you are in need of a new business vehicle and you are looking to reduce your 2022 business tax liabilities, it’s not too late to take action. You should purchase your business vehicle and put it into service before… Read Now >>

Year-End Tax Planning: 6 Tax-Reduction Tips for Business Owners

November 23, 2022
Successful businesswoman - year-end business tax reduction tips

As a business owner, you should implement tax-reduction strategies that decrease your tax liabilities and maybe even net you a return. Either way, you are saving cash and increasing your potential profitability from year to year. As 2022 comes to… Read Now >>

Year-End Tax Planning: 7 Strategies to Offset Capital Gains Taxes

November 16, 2022

As you implement year-end tax planning strategies, the goal is always to reduce your taxable income. Your stock market portfolio could present some opportunities to decrease your 2022 income tax liabilities. Once you know the tax rules and how to… Read Now >>

Year-End Tax Planning: 4 Retirement Plan Steps You Can Take

November 9, 2022
Gold watch - Year-end tax planning for retirement plan concept

The end of the year is coming up soon. This is a critical time for tax planning. You need to take advantage of every tax deduction, credit and benefit you can before the 2022 tax year is complete. At the… Read Now >>

Year-End Tax Planning: Section 199A Deduction

November 3, 2022
Home Office - Section 199A deduction concept

If you are a business owner, Section 199A of the Tax Cuts and Jobs Act (TCJA) allows you to deduct up to 20% of your qualified business income (QBI) as part of your personal income taxes. It may depend on… Read Now >>

Get Ready to Say Goodbye to 100% Bonus Depreciation

October 26, 2022
Small business bonus depreciation tax concept

One of the best business tax deductions of all time will end on December 31, 2022. It’s time to say goodbye to 100% bonus depreciation. This is sad news for many business owners, and it makes tax and expense planning… Read Now >>

The New Clean Vehicle Tax Credit—Good News and Bad News

October 19, 2022
EV car, representing clean vehicle tax credit

Are you in the market to buy an electric or plug-in hybrid vehicle? One of the most tempting reasons to go EV or PZEV is because you can qualify for a federal tax credit (and some state benefits here in… Read Now >>