Category: Tax Planning
-
We help with Turbotax returns
Self-preparers have an easy option for professional support! For many years I’ve promoted the concept that most people should be able to file their own tax return without outside help. In cases where the taxes are based on salaried income, investment income and other well-documented sources, it makes sense to file your own taxes online and…
-
The short list of legal income tax avoidance tools
Most of the legal tax saving strategies used successfully by individual taxpayers in the U.S. stem from just 12 tactics. These are frequently observed in tax practice and confirmed by the IRS1 as the most expensive to the government. All of these avoid federal income tax: Earnings of nonprofit business organizations Qualified employee benefits Deferred compensation…
-
Top ten ways to avoid federal income taxes
Whether you goal is to financially resist the Trump regime, free funds to increase support for your favorite defunded charity, or simply to improve you own financial security, one of the most effective ways is tax avoidance. The ordinary American pays more than 1 in 5 total dollars earned as federal income tax. We know that…
-
Fantastic opportunity to save on taxes and insurance
Great news for health care costs: Small businesses can immediately combine the benefits of the the recent December 13, 2016 federal health care law with Trump’s new January 20, 2017 executive order to save money on health insurance and taxes. The new law reverses prior IRS positions to give us new opportunities for savings. The…
-
Tax planning for small business owners in 2017
Tax laws change every year, often providing new opportunities for business and personal planning that can save money and improve our overall financial results. This year is no exception. While there are no major changes to tax law affecting small business owners this year, there are a number of more subtle developments in tax procedure…
-
Pros and Cons of a One Person Pension Plan
This post summarizes the pros and cons of a one person private pension plan (sometimes called a “Solo Defined Benefit Plan”) for a successful small business owner as opposed to other self-employed retirement savings options. Pros Potentially larger immediate tax deduction; perhaps in the range of 3 times to 5 times larger than a 401(k)…
-
Trump sparks tax protest plans
Over the past month I’ve heard and read about a number of tax protest plans. Some are idiotic, others are criminal. Some might actually work. Some taxpayers want to take advantage of imagined tax reductions promoted by scammers. Other refuse to support the federal government led by Donald Trump and are looking for the safest…
-
-
Have you outgrown your tax preparer?
Fast, cheap, personal, secure online tax filing service. Request a free tax organizer and personal online tax document portal. [contact-form-7 id=”4556″ title=”Boilerplate Contact”]
-
My most popular tax planning blog posts in December 2016
I had four tax planning blog posts draw more than 200 unique viewers in the month of December 2016. The average number of viewers is about 50 for the total pool of 38 blog posts I made last month so the 200 viewer figure is statistically significant as an indicator that something is working better than…