Category: Tax Planning
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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…
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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…
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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…
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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)…
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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…
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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”]
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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…
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Best tax shelters for 2017
Will this be the year that you reduce or eliminate your federal income taxes? I help reduce taxes for clients with income income ranging from $50,000 to $4,300,000. There are plenty of legal and well-proven tax shelters available to taxpayers in every category. The top ten most common tax avoidance strategies are covered here. Tax…
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Use of life insurance in small business 412(i) pension plans
An explanation of the tax law changes affecting fully insured annuity pension plans