Tax GAIN Harvesting?!?!
Tax Gain Harvesting is a tax arbitrage strategy where you sell investments in a taxable brokerage account at gains, during a year in which your tax rate is low. This can eliminate, or severely reduce, the amount of taxes you pay on the appreciated positions.
Ready for a Big Capital Gains Tax Bill?
If you own mutual funds, you may have received a bill for capital gains tax, even if you didn’t sell your shares. Why?
How Business Owners Use The Augusta Rule For Tax-free Income
The Augusta Rule, IRS Code § 280A, allows you to rent your home for up to 14 days without reporting the income on your taxes. In addition, your business can deduct the cost of renting the space as a business expense.
IRS Announces 2025 Retirement Plan Limits
The IRS has released the adjustments for 2025 that affect the amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs).
Year End Tax Planning
Only 73 days left until the end of the year! Below are some tax savings strategies that you will want to take advantage of before year end.
Home Office Tax Deduction
If you use part of your home "exclusively and regularly" for conducting business, you may be able to deduct expenses such as rent, insurance, utilities, and fees.
Cash Balance Plans
Business owners are using Cash Balance Plans to significantly reduce income taxes and supercharge retirement savings.
Independent Contractor vs. Employee
Do I have independent contractors or full-time employees? If you hired workers for your business, knowing the difference between these two designations is critical. The Department of Labor final rule on independent contractors went into effect on March 11th. Full-time employees are entitled to minimum wage, overtime pay, and other benefits.
Your Business Credit Score
While your personal credit score is tied to your Social Security number, your business credit score is tied to an Employer Identification Number — or EIN. This helps you keep your personal financial information private while you build and maintain your business credit score.
California Business Tax Climate In 2024
California’s corporate tax system ranks 48th according to the Tax Foundation. The Tax Index has 5 different components, and CA ranks poorly in most of them.
FTC Bans Noncompete Agreements
Considering launching your own small business?? The FTC just banned noncompete agreements, making it easier for you to break away from your desk job.
New Reporting Requirements For Business Owners
ATTN: Small Business Owners - The new Beneficial Ownership Information (BOI) Report is due to FinCen by the end of 2024.
Small Business 401k Tax Credits
🙋♀️ 🙋♂️ Who likes free money?? ✋✋ How 'bout government tax credits for your small business 401k plan? Secure ACT 2.0 did exactly that!
Hiring Your Kids
If you run a sole proprietorship, hiring your kids to work in your business has several tax advantages. First, make sure the work they are doing and the wage you are paying them is reasonable.
2024 Tax Planning
Congrats! You just finished paying your 2023 taxes! Now is the perfect time to get started on tax planning for 2024.
The Tax Hack Every Investor Should Know
IRS Code 852(b)(6) is the greatest tax hack that every investor should know.
Saving Money on Taxes
As 2023 comes to an end, people are asking about tax saving strategies. Here are a few to consider.
Tax Planning Strategies
Tax evasion is illegal. Tax avoidance is encouraged. Here is how a financial advisor adds value with tax planning and strategy.