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As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The SECURE Act made many...

Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could easily be avoided. So consider setting up a plan to position yourself...

Yes, December 31 is just around the corner.   That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2019 taxes. But don’t wait. Get on this now!   Take Your Child’s...

As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA).   General Rule   The general tax rule in a divorce is that you can divide up most assets,...

Imagine this: you didn’t issue Form 1099s to your contractors.   Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct?   No. IRS auditors often make this claim, but they are incorrect.   There...

The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.   Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes:   If you receive bitcoin in exchange...

Here’s an easy question: Do you need more 2019 tax deductions? If yes, continue on.   Next easy question: Do you need a replacement business vehicle?   If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement...

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans.   But year-end is approaching, and now’s the time to take action.   Here are the six strategies that you can implement before the end of the year. Five...