2024 Tax Insights

Year End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, ... (continued)

Year-End Retirement Considerations

You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider. 1. Establish Your 2024 Retirement Plan First, a question: Do you have your (or your corporation’s) retirement plan in place? If ... (continued)

Best Tax Savings Considerations for Your Vehicle

Here’s an easy question: Do you need more 2024 tax deductions? If the answer is yes, continue reading. Next easy question: Do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the ... (continued)

Year End Tax Reduction Strategies

The purpose of this letter is to reveal how you can 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 you’ll realize the cash ... (continued)

Long-Term Care Revisited

Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure. Here are four key points to ... (continued)

How To Reduce Social Security Tax for You & Your Business!

Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business. For 2024, the Social Security tax ceiling increased to $168,600, resulting in a maximum Social Security tax of $20,906 for high-earners. The Social Security Administration projects ... (continued)

Employee Retention Update

Here’s a recent update on the Employee Retention Credit (ERC) and the new IRS payback scheme. New IRS ERC Payback Program The IRS introduced a second ERC Voluntary Disclosure Program for 2021 claims. Under this program, you can say, “I didn’t deserve the ERC, so I’ll ... (continued)

4 Key Tax Considerations for Long-Term Care Costs

Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure. Here are four key points to ... (continued)

Converting From a C Corporation to S Corporation-Considerations!!

As you consider converting your C corporation into an S corporation, understand and plan for the built-in gains (BIG) tax. The tax code imposes the BIG tax on S corporations that recognize gains on assets that the C corporation held at the time of ... (continued)

Ways to Mitigate SE Tax

Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business. For 2024, the Social Security tax ceiling increased to $168,600, resulting in a maximum Social Security tax of $20,906 for high-earners. The Social Security Administration projects ... (continued)

15 Exceptions to Early Withdrawal IRS Penalty

Early withdrawals from a traditional IRA before age 59 1/2 generally incur a 10 percent penalty tax on the taxable portion of the withdrawal. There are several exceptions to this rule that can help you avoid the penalty under specific circumstances. Below, I have ... (continued)

Self Employed In 2021-Must Read forHuge Potential COVID Credit

Were you self-employed during 2021? If so, there is a good chance that you could have qualified for COVID-19 sick and family leave credits worth as much as $32,220. If you’re like many self-employed individuals or partners, you probably never heard about these tax credits. ... (continued)

Partnership Entity No Longer Needed-Read This!!

As you consider winding down your partnership, here’s a concise overview of what you might expect under three typical scenarios of partnership dissolution. Scenario 1: One Partner Buys Out the Others If one partner buys out the others and continues the business, the exiting partners will ... (continued)

Make Your Vacation Tax Deductible!

Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy ... (continued)