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Roth IRA versus traditional IRA: which is better for you? Roth IRAs tend to get a lot of hype, and for good reason: Because you pay the taxes upfront, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free. While...

 Check your beneficiary designations now, before disaster strikes. With the current super-generous federal estate tax exemption of $11.4 million, estate planning may be completely off your radar. After all, with that huge exemption, you may think there’s no way your estate would owe any federal estate tax...

Section 1202 allows you to sell a qualified small business corporation (QSBC) on a tax-free basis. Now, add to this no-tax-on-sale benefit to the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity. Imagine this: You...

Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense rules. You...

What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you purchased for business use a pickup truck with a gross vehicle weight rating greater than 6,000 pounds. Asserting that you use...

Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if you have high income, and you’re married and both you and your spouse are paying premiums. Fortunately, the premiums can potentially help your tax situation. The dollar benefit of Medicare...

Reduce S Corporation Owner’s Wages As the owner of an S Corporation, you can legitimately cut payroll taxes by thousands of dollars by paying yourself a lower salary and allocating the remainder of your income as distributions. However, be sure to make your salary commensurate to...

 As a self-employed individual, you can feel overwhelmed when you search for strategies to reduce your taxes. I searched one of our tax services and found more than 263 articles with the words “self-employed” or “self-employment.” That’s a lot. Where do we start? Let’s start with the following...

You’ll find much beauty and little beast in using a single-member LLC for your real estate ownership. Should you use a single-member LLC as a real estate ownership vehicle? That might be a very good idea. Under the so-called check-the-box regulations put out years ago by the IRS,...