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When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2021 income taxes.  The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct...

The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider. 1. Establish Your 2021 Retirement Plan First, a question: As you read this, do...

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. Most of the tax rules that apply to medical plans...

If you are thinking of getting married or divorced, you need to consider December 31, 2021, in your tax planning.  Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider...

Wow, how time flies! Yes, December 31 is just around the corner.  That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2021 taxes. But don’t wait. Get on this now! 1. Take Back...

Here’s an easy question: Do you need more 2021 tax deductions? If yes, continue reading.  Next easy question: Do you need a replacement business vehicle?  If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement vehicle), but...

The purpose of this letter is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here...

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with an undesirable $0 for your deduction amount. Here are three possible year-end moves that could, in the right circumstances, (a) reduce your income taxes and (b) boost your Section...

The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too.  What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college costs. Here are six important points to know about 529...

Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal purposes, it’s not deductible.  But if you use it in a business, you can deduct the full cost using...

Here’s a look at how to apply the $250,000 ($500,000, if married) principal residence tax break when getting married or divorced, or when converting another property into your home. In both marriage and divorce situations, a home sale often occurs. Of course, the principal residence gain exclusion break can...

Millions of American businesses hire independent contractors to perform all types of services. And millions of American workers prefer to work as contractors rather than employees.  Indeed, due to the COVID-19 pandemic, it’s likely that more people than ever want the freedom that comes with being an independent contractor....