Create Deductions: Use Your Vacation Home for Business Lodging

Here’s good news: the properly used business vacation home or condo does not suffer from • the vacation-home rules,• the passive-loss rules, or• the entertainment-facility rules. In these days of COVID-19, you may have solid reasons to use your vacation home or condo...

Seven Insights into PPP Loan Forgiveness for the Self-Employed

When you are self-employed with no employees, the Paycheck Protection Program (PPP) is designed to help you get through this pandemic. If you now have your PPP funds, we have identified seven insights for you.   1. New Law, Enacted June 5, 2020, Creates Easier...

Eight Things to Know About the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning.   Here are eight important reminders about this new law: 1. You can’t use contributions made in 2020 but applied to 2019 for any...

Use Your Business to Maximize Charitable Donations

Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, some forms of giving are much more beneficial to you than are others. As a business owner, you can use some business...

Avoid the Gift Tax—Use the Tuition and Medical Strategy

If you or a well-off relative are facing the gift and estate tax, here’s a planning opportunity often overlooked: pay tuition and medical expenses for loved ones. Such payments, structured correctly, do not represent gifts. The monies spent by you on the qualified...

Husband-Wife Partnerships: The Tax Angles

When both members of a married couple participate in an unincorporated business venture, must it be treated as a husband-wife partnership for federal tax purposes? Answer: maybe, or maybe not. Figuring out the answer is important because it can have a huge impact on...