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2023
Taxes – they’re about as enjoyable as a trip to the dentist, right? But what if I told you there’s a clever loophole that can help you legally dodge the dreaded $10,000 annual cap on state and local taxes (SALT)? Enter PTET – the State Pass-Through...
In 1984, when Section 7702 was enacted, Insurance carriers were required to provide at least 4% guaranteed interest rate of return. This could be net of reasonable carrier expenses. Since the reduction of interest rates (Moody’s AA corporate Bond Yield...
Know the $75 Rule for Business Expenses
The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions.
Many taxpayers mistakenly apply the $75 rule to all their...
Holding Real Property in a Corporation: Good or Bad Idea?
As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern.
Owning real estate in a C...
2023 Health Insurance for S Corporation Owners: An Update
Here’s an update on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some good news when it comes to...
When Cancellation of Debt (COD) Income Can Be Tax-Free
You may have noticed that the IRS is in a bad way.
Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession.
But lenders are sometimes...
2022
$80 Billion to the IRS: What It Means for You
You may have noticed that the IRS is in a bad way.
It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action...
Year-End General Business Income Tax Deductions
The purpose of this letter is to get the IRS to owe you money.
Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize...
Say Goodbye to 100 Percent Bonus Depreciation
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation.
Wander CPA, Accountant, Tax Advisor Wander CPA, Michael...
Earn 9.62 Percent Tax-Deferred Interest with Series I Bonds
Inflation is seldom a good thing.
But when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can buy bonds that pay 9.62 percent...
Claim Your 2020 and 2021 ERC Now (Yes, in 2022)
During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). Lawmakers created this tax credit in response to the COVID-19 pandemic.
With the ERC, you found (or could...
Self-Employment Tax Basics
If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax.
Wander...
Alert: A Massive New FinCEN Filing Requirement Is Coming
Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust?
Or are you planning to...
Donor-Advised Funds: A Tax Planning Tool for Church and Charity Donations
Do you give money to 501(c)(3) charities?
Do you get a tax benefit from those donations?
Recent changes in the tax code have done much to destroy your benefits from church...
Health Savings Accounts: The Ultimate Retirement Account
It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you...
New Hope for Restoring and Fixing the Employee Retention Credit
As you may remember, two bad things happened to the Employee Retention Credit (ERC):
On November 15, 2021, Congress retroactively repealed the ERC for the fourth quarter of 2021 (except...