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Here’s a heads-up.   The 30 percent residential solar credit   drops to 26 percent for tax year 2020, drops to 22 percent for tax year 2021, and terminates in 2022.   Also, unlike the 30 percent commercial solar credit, where you can qualify for the 30 percent tax credit...

Tax reform changed the rules of the game when choosing your best tax structure.   In looking over the possibilities, we note that a properly structured spousal partnership could be your best choice.   Here are the tax benefits to you:   Your spouse’s income is free from self-employment tax. ...

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...