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Tax Planning
Taxes are life’s single biggest expense. Yet, like most expenses, paying taxes is a choice that you make. This is the principle of “The Net” which states, “It’s not what you make, it’s what you keep that matters.” It’s not that you get to choose if you should or should not pay taxes. It is, however, a matter of making Better, Smarter, Safer tax-efficient financial decision
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The Smart Tax Planning Newsletter September 2021
Tax PlanningEvery month we provide you with a fairly detailed review of several Important Tax Topics. Scan through the highlighted topics noted below. In This Month's Newsletter We Review: Save Your Employee Retention Credit Vaccinated? Claim Tax Credits for Your...
14 Tax Reduction Strategies for the Self-Employed
Tax PlanningIn June's Monthly Tax Newsletter, there was a checklist with 14 tax planning ideas for the self-employed. The ideas expressed were simply one-lines. Below you will find related articles with the nuts and bolts of implementing those tax planning strategies....
How S Corporation Owners Can Cut Taxes by Keeping a Lid on Their Salaries
Tax PlanningBradford Tax InstituteEstimated Tax Tip Savings: Depending on your own salary and profit distribution levels, we're typically seeing cases in which the S corp. owner can legally slash personal payroll taxes by $8,000 - $20, 000 over the coming year. The...
Blueprint for Employee-Spouse 105-HRA (Health Reimbursement Arrangement)
Tax PlanningBradford Tax InstituteThe Affordable Care Act does not apply to a business that has only one employee.1 This opens the door for what we are going to call the 105-HRA. We created this name from its two predecessors: The Section 105 medical reimbursement...
Tax-Saving Tip: Use Net Square Footage to Increase Home-Office Deductions
Tax PlanningBradford Tax InstituteIn its "I'm here to help you" publication on the home office, the IRS says, "You can use any reasonable method to determine the business percentage" of your home that you use for business.1 The publication then lists two commonly used...
The Smart Tax Planning Newsletter August 2021
Tax PlanningEvery month we provide you with a fairly detailed review of several Important Tax Topics. Scan through the highlighted topics noted below. In This Month's Newsletter We Review: Don't Miss Out on the Employee Retention Credit Loophole: Harvest Tax Losses...
The Reality of Self-Employment Taxes for 2021
Tax PlanningWhat happens when lawmakers enact a new tax? It starts small. It looks easy. In 1935, the self-employment tax topped out at $60. Those 1935 lawmakers must be twirling in their graves with the new rules for 2021, which levy the following taxes: A...
Hire Your Kids to Work In Your LLC or Sole Proprietorship and Put a Huge Chunk of Their Pay Back in Your Pocket
Tax PlanningBradford Tax InstituteEstimated tax tip savings. Pay your child $8,000, for example, to work in your LLC or sole proprietorship and you could save $3,042. Your exact savings will vary depending on your tax bracket and several other factors. Children are...
Creating More Business Meal Tax Deductions After the TCJA
Tax PlanningBradford Tax InstituteHere’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the...