Taxes & IRAs


Find treasure in your tax buckets!

Chances are, you're not planning for those retirement years as strategically as you need to be, when it comes to shifting income into lower brackets and making sure you don't get taxed at the highest brackets.

Watch this video for more about retirement income strategies, and Roth conversions specifically.

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New Tax Hike on Married Filers?

tax planning taxes Apr 06, 2022

Think the proposed tax hikes recently won't apply to you?  Think again, if you're married and make reasonably good income combined -- check out this article from CNBC on the new tax proposal that would hit married couples making over $450,000.

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Relocating? How to Do It with Taxes in Mind

relocating taxes Apr 04, 2022

If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State and Local Tax) deduction to $10,000 for single and married individuals. That deduction had previously made living in high-tax states less costly for affluent individuals.

When you combine those two factors alone, it makes sense that people are looking to see where the grass may be greener. There’s also a strong possibility that states may begin adding new taxes to make up for budget shortfalls – so, it’s no surprise there may be a significant number of people moving. Some say it has already started, using Florida’s net gain of $16 billion in adjusted gross income since 2018 as proof.

Whether states begin adding new...

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C Corp Benefits


Are you using corporations to strategically reduce your taxes? I'm guessing a lot of you would answer "no" and are overpaying, so you definitely need to watch this video!

I'll cover all the ways in which C corporations can reduce your tax liability, including:

-- tax planning strategies with regard to your individual tax bracket
-- tax-free employment benefits
-- tax-free medical expense reimbursement plan (MERP)
-- Section 1202

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Tax Deductions Related to Charity Auctions

It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spent on the items purchased constitutes a charitable donation and (2) what kind of charitable deduction the individual who contributed the item is entitled to. 

The answer to the first question is some, but not all, of what’s paid for the item may be deductible. So, if you purchase items at a charity auction, you may claim a charitable contribution deduction for the excess of the purchase price paid for the item over its fair market value.  Fair market value being the amount the item would sell for on the open market when the parties to the sale are aware of all the facts, are acting in their own interest, are free of any pressure to buy or sell, and have ample time to make the decision.

You must be able to show, however, that you knew that the value of the item was less than the amount you paid for it. For...

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S Corp Tax Savings


If you own an LLC, you're probably paying too much tax!

In this video, I'll be teaching you about S corporations ("S corps") and specifically, S corps benefits. We'll discuss things like:

-- LLC vs S corp taxes
-- how to reduce self employment tax ("SE tax")
-- S corp distributions
-- how to increase cash flow using S corps

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Real Estate Tax Incentives


If you're a real estate investor, and you're paying a lot of tax, you're doing something wrong!

In this video, I'll show you more tactics and strategies for maximizing rental property tax benefits and increasing your rental property cash flow. We'll go over:

-- rental income tax deductions
-- rental property expenses
-- repairs versus improvements
-- tax reduction strategies

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More Tax Savings Strategies

tax planning taxes Feb 11, 2022

Chances are, if you're watching this video, you pay too much tax! But you probably don't know all the different ways to reduce that tax -- watch this video and learn how!

In the video, I'll go over all the various "tax buckets" and types of income you can receive, and how it's treated tax-wise. We'll look at areas like:

-- overall tax planning strategies
-- life insurance tax benefits
-- tax deferred income
-- tax strategies for real estate investors
-- Roth IRA tax benefits
-- oil and gas investments
-- business tax deductions

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Tax Issues Related to Renting Your Vacation Home

Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, then you may have thought about the possibility of renting it out. Though many people would never consider inviting renters into their vacation home, preferring to keep it for themselves and their family, doing so can offset some of the expenses related to the property, and you may even reap a tax benefit at the same time. Whichever route you choose to go, knowing all of the applicable tax rules regarding designated second homes helps you get the maximum financial benefit out of your asset, and keeps you from making tax filing errors.

If You Don’t Rent Your Property - Depending upon your individual tax situation, a designated second home’s acquisition mortgage interest may be able to be included as an itemized deduction. However, there is a limit on the amount of acquisition debt for a taxpayer’s main residence and one additional...

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