Month: November 2020

All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have fewer than 50 employees. And then there’s a great … Read more

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. Take a few minutes to review the four retirement plan tax-reduction strategies in this article. You might find several thousand dollars (and maybe much more) in … Read more

If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if you operate as a corporation, don’t neglect to hire your children; there are good savings for you there, … Read more

The purpose of this article 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. This article gives you seven powerful business … Read more

Do you need a replacement business car, SUV, van, or pickup truck? 2. Do you need tax deductions this year? If you answered yes to both questions, you need to examine this article and get ready to smile. Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you can write off the cost of a vehicle purchase faster than … Read more

November  2020 2020 Last-Minute Year-End Tax Deductions for Existing Vehicles It’s time to examine your existing business and personal (yes, personal) cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. In this article, we will first look at your prior and existing business vehicles that you or your pass-through business owns. Then, … Read more