Archives
Year-End Tax Planning: Section 199A Deduction
November 3, 2022
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
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
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 >>
How to Defer Capital Gains Taxes on Investment Property Sales
October 12, 2022
If you recently sold commercial property or a rental property—or if you are planning to sell in the near future—you will want to minimize your capital gains taxes. There are a couple ways to avoid paying these taxes immediately: Defer… Read Now >>
The 10 Best Sources of Tax-Free Income
October 5, 2022
Tax-free income? It almost sounds too good to be true. However, there are numerous sources of tax-free income if you really study the Internal Revenue Code. Here are some of the best ways of generating income that is essentially tax-free… Read Now >>
The Benefits of Investing in Series I Bonds During Inflation
September 28, 2022
There are obviously a lot of drawbacks with inflation. It can be a tough time for investors when expenses go up and the value of the dollar essentially goes down. One method the U.S. Treasury Department is battling inflation is… Read Now >>
Does Your State Offer a PTE Tax Election?
September 21, 2022
Recently, we posted an article about pass-through entity (PTE) taxes and how you can use your business entity structure to maximize tax deductions and minimize your business and personal income tax liabilities. Click here to read the full article. States… Read Now >>
Should You Consider a Spousal IRA?
September 14, 2022
Whether you’ve joined the Great Resignation or are just a stay-at-home spouse with no tax-defined income, you can still set up and contribute to a retirement account. Traditional and Roth IRAs offer excellent tax-advantaged savings opportunities as you prepare for… Read Now >>
Understanding Your State’s PTE Tax Rules
September 7, 2022
The Tax Cuts and Jobs Act (TCJA) brought many significant tax law changes. Some were very beneficial to certain individuals and business owners. Other new tax rules were a bit more controversial. Perhaps the least popular change brought by the… Read Now >>
The Four Forces of Cash Flow for a Business Owner
August 24, 2022
One of the best books that business owners should read is “Simple Numbers, Straight Talk, Big Profits!” by Greg Crabtree, CPA. In the book, he outlines the Four Forces of Cash Flow. This is a great cash flow model that… Read Now >>
