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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...

As you likely know, the Tax Cuts and Jobs Act increased bonus depreciation to 100 percent.   Unlike most tax provisions that involve a tax election, this one requires you to elect out if you don’t want it.   For example, you (or your corporation) buy two $50,000 trucks,...

  If you or a well-off relative are facing the gift and estate tax, here’s a planning opportunity often overlooked: pay tuition and medical expenses for loved ones.   Such payments, structured correctly, do not represent gifts.   The monies spent by you on the qualified medical and tuition payments...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning.   Here are eight important reminders about this new law:   You can’t use contributions made in 2020 but applied to 2019 for any SECURE Act provisions that apply to...

With incentive stock options (ISOs), you could be on your way to a very nice payout.   But you must consider both the regular federal income tax results and the alternative minimum tax (AMT) results.   In addition, you must pay attention to special rules that apply to so-called...

The American Opportunity Tax Credit (AOTC) and the more familiar Lifetime Learning Credit (LLC) can make higher education costs more affordable.   The AOTC equals 100% of the 1st $2000 of a student's qualified education expenses plus 25% of the next $2000; maximum annual credit is $2500....

Failure to use an accountable plan for your employee expense reimbursements (including yourself if you operate as a corporation) turns those improperly reimbursed expenses into taxable wages.   In other words, by failing to comply with the accountable plan rules, you turn the tax-free reimbursement into taxable...

Talk to a business owner who has been in business for a while and he or she will tell you to make sure that you put a retirement plan in place. When you are starting out and have modest income, the Savings Incentive Match Plan for Employees (SIMPLE)...