How to Qualify Conventions and Seminars for Tax Deductions
You might think, “Heck, if it’s a business convention, it has to be tax deductible.” But you could attend a true business convention and find that the costs are not deductible. We know you don’t want to lose your tax deductions. That’s why we are publishing this article. It explains how you can qualify your […]
Tax-Saving Tips
Your Retirement Plan Exposes You to a $150,000 Penalty How would you like to owe the IRS a $150,000 penalty because you failed to file a simple two-page form? It can happen all too easily if you have a solo 401(k) or another self-employed retirement plan. If you’re self-employed and you have a qualified retirement […]
Beat the Estimated Tax Penalty with Strategic Withholding
The due dates for quarterly estimated tax payments for your 2025 tax year are April 15, 2025; June 16, 2025; September 15, 2025; and January 15, 2026. When you miss one of those dates, the tax code penalizes you. The current penalty rate for underpaying the first payment on April 15, 2025, is 7 percent. […]
Beat the Taxman: Use the Tax Code–Created QCD to Kill YourRMD
When you reach age 73, you’ll have to start taking required minimum distributions (RMDs) from your traditional IRAs. If you have a lot of money in your IRAs, RMDs can be a real tax headache. RMDs are taxable income, so they increase your adjusted gross income and bump you into a higher tax bracket. They […]
CTA BOI Reporting Is Over Except for Foreign Companies
The U.S. Treasury Department announced that it will not require U.S. corporations, limited liability companies, or other U.S. business entities to comply with the Corporate Transparency Act (CTA). The CTA requires that most smaller corporations, limited liability companies, and some other business entities(all of which are termed “reporting companies”) file beneficial ownership information reports (BOI […]
Tax-Saving Tips
Fire Drill Update: FinCEN BOI Report Date Now January 13
Yesterday, we reported that the Fifth Circuit Court of Appeals immediately reinstated FinCEN BOI filing requirements. But there’s good news—later yesterday, the Treasury Department extended key deadlines to allow more time for compliance. Here’s what you need to know: New January 13, 2025 Deadline Reporting entities created with a state secretary of state filing before January […]
Game On: TCJA Winners and Losers—Business on the Chopping Block
Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many key provisions expire, here are some critical changes that could affect you and your business. […]
Tax Credits for EVs: What’s New?
Tax credits for electric vehicles (EVs) were expanded and thoroughly revamped when Congress enacted the Inflation Reduction Act back in 2022. The new tax credit regime became effective in 2023. How has it been working out? Not quite as expected. As a result of the new law, there are four ways you can benefit from […]
2024 Last-Minute Year-End General Business Income Tax Deductions
The purpose of this article is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although in the right circumstances, that will happen. But in most cases, you’ll probably realize the cash when you pay less in taxes. This article gives you six […]