Tax Saving Tips

Tax-Saving Tips – JULY

Michael Wander, Wander CPA Tax Saving Tips

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 CPA, Accountant, Tax Advisor Wander CPA, Michael wander Self-employment taxes are not insubstantial. Indeed, many business owners …

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Tax-Saving Tips – June

Michael Wander, Wander CPA Blog Image Wander CPA

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 form one of these entities? If so, be alert. There’s a new federal filing requirement coming. Back in 2021, Congress …

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Tax-Saving Tips – May

Michael Wander, Wander CPA Wander CPA - Blog

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 and other tax-deductible 501(c)(3) donations. But there’s a way to donate the way …

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Tax-Saving Tips – April

Michael Wander, Wander CPA Wander CPA - Blog

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 retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to …

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Tax-Saving Tips – March

Michael Wander, Wander CPA Wander CPA - Blog

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remember, two bad things happened to the Employee Retention Credit (ERC): On November 15, 2021, Congress retroactively repealed the ERC for the fourth quarter of 2021 (except for start-up businesses). On August 4, 2021, the IRS issued the clearly irrational Notice 2021-49, …

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Tax-Saving Tips – February

Michael Wander, Wander CPA Wander CPA - Blog

Make Sure You Grab Your Home Internet Deduction If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe. The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership). Deduction on Schedule C Wander CPA, Accountant, Tax Advisor Wander CPA, Michael …

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Tax-Saving Tips – January

Michael Wander, Wander CPA Wander CPA Blog

Wander CPA, Accountant, Tax Advisor Wander CPA, Michael wander Is Your Sideline Activity a Business or a Hobby? Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040?Will the IRS consider your sideline a business and allow your loss …

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