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Because you operate your business as a solely owned corporation (C or S) with no employees, several excellent retirement plans are available to you that can provide significant tax deductions and help you build wealth for retirement. Some of the best options include: Each of these plans comes with...

Disasters are all over the news these days. Severe calamities that cause widespread damage, such as large wildfires, floods, hurricanes, and earthquakes, ordinarily result in a disaster declaration by the U.S. president.  There’s nothing good about a disaster, but at least the tax law can help disaster victims in...

Here’s a short note on your payments of corporate expenses. Your Corporation Is a Separate Legal Entity As a business owner operating through a corporation, you need to remember that the corporation is a distinct legal entity separate from you. Avoiding Costly Mistakes If you incur expenses related to...

Are you looking for ways to reduce your 2024 tax bill while securing your financial future? Setting up a self-employed retirement plan could be your solution—and it’s not too late! You have several options that can provide significant tax savings, including the following: Each plan has unique benefits depending...

Did you purchase a 2022 Tesla Model X (or a similar vehicle) and claim 100 percent bonus depreciation on your 2022 tax return? If so, you should know that the IRS has incorrectly disallowed these deductions, arguing that the Model X is a passenger automobile subject to luxury auto...

The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and vehicle. You may be able to deduct these losses from your taxable income, but the rules are complex and often restrictive. Recent changes to the...

If you are a member of a multimember LLC taxed as a partnership (as most are) or a traditional partnership, you may sometimes pay for business expenses out of your pocket. These expenses can include travel and meals, car expenses, continuing education, professional dues, and home office costs. There...

If you operate a sole proprietorship or a single-member LLC taxed as a proprietorship and your spouse is your only eligible employee, you can take advantage of tax-free health insurance reimbursements while reducing your tax liability. Key Tax Benefits By reimbursing your employee-spouse for health insurance and medical expenses,...

A common question among business owners is how to pay themselves from their businesses properly. The correct method depends on your business structure, so I wanted to give you this quick guide to help you navigate this issue. Sole Proprietors and Single-Member LLCs Partnerships and Multimember LLCs Partners cannot...

If you are considering purchasing a business vehicle, you may be eligible for significant tax deductions, especially when combined with a qualifying home office. Here’s how: Heavy Vehicle Deductions In 2025, businesses can take advantage of: A “heavy” vehicle has a gross vehicle weight rating (GVWR) of over 6,000...

Do you own a traditional IRA, Roth IRA, SEP-IRA, or SIMPLE IRA? Usually, the income earned within these accounts is tax-free. This applies to common investments such as stocks, bonds, mutual funds, ETFs, CDs, and Treasury Bills. But if your IRA makes alternative investments, it may be subject to...

If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim? The ERC is a refundable tax credit designed to support businesses that retained employees during the COVID-19 pandemic....