Tax Saving Tips

$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 by passing a massive funding of […]

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 the cash when you pay less in taxes. Here are

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 wander Since late 2017, businesses have used bonus depreciation to deduct 100 percent

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 interest—tax-deferred—with no downside risk, and with no state or local income taxes when you cash

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 find) tax credits of up to $26,000 per employee. That’s a

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

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

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

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

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,