New way to pay student loans – tax free!

Posted Leave a commentPosted in 401(k), education, Employee Benefits

I’ve been practicing in the employee benefits field for 37 years and I can’t remember being as surprised as I was reading IRS Private Letter Ruling 201833012 released on last Friday. Never before has there been any tax advantage to student loan payments (typically made to an outside financial company) through connection with an employer plan. […]

The most important tax tip of the year

Posted Leave a commentPosted in Accounting, self-employed, Small Business, Tax Planning, Taxes

Take advantage of the most generous part of the Tax Cuts and Jobs Act, known as Section 199A by; 1) Exploring whether your business CAN benefit, and 2) Settling protocol to make sure that your business DOES qualify based on the 184 pages of proposed regulations just released this month. The important thing is to […]

Concern over Tether

Posted Leave a commentPosted in Accounting, cryptocurrency

I’ve written a series of posts on the theme that investors have good reason for concern about cryptocurrency investments. The latest concern is Tether. Here’s what we know: Tether is the second largest cryptocurrency behind Bitcoin. Tether claims to be backed by US dollars, therefore eliminating market value fluctuation risk. Despite its massive market trading […]

Biggest tax news of the year: 30 million will owe IRS this spring

Posted Leave a commentPosted in Financial Planning, Tax Planning, Taxes

The biggest tax news of the year came out buried inside the pages of a report issued last month by the General Accounting Office. I call this the ‘biggest news’ because it adversely affects almost 30 million people. The people most likely to be affected are upper middle income taxpayers – in other words, my […]

The Tax Savings Blog is moving toward podcast format

Posted Leave a commentPosted in self-employed, Small Business, Social Media, Tax Planning, technoogy

I’ve toyed with “multi-media” formats for several years, not really knowing what this term means, what my goals are, and how to make a plan to get there. The NJCPA offered their studio and produced a few segments and I’ve tried Facebook Live, YouTube and Vimeo. This week I’m moving forward with podcasting with more […]

HRA for a sole proprietor business

Posted 1 CommentPosted in Uncategorized

This podcast discusses the two main issues controlling a Health Reimbursement Arrangement in a sole proprietorship. Spoiler alert: it is possible but there are no income tax benefits for the business owner so it rarely makes sense to do as a ‘stand alone’ strategy. Other strategies used in combination with a HRA are usually preferred. […]

Three QuickBooks insights

Posted Leave a commentPosted in Accounting, Small Business

Intuit is the world’s leading publisher of tax and accounting software. The company offers both self-serve and professionally assisted platforms. These published insights are useful: 1. QuickBooks dominates QuickBooks is used by 82% of small businesses that use accounting software. The market dominance speaks for itself, 2. Small business prefer getting help Nine out of […]