2019 Last-Minute Year-End Medical and Retirement Deductions

2019 Last-Minute Year-End Medical and Retirement Deductions

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Here are the six strategies that you can implement before the end of the year....
2019 Last-Minute Section 199A Strategies That Reduce Taxes

2019 Last-Minute Section 199A Strategies That Reduce Taxes

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review four year-end moves that (a) reduce your income taxes and (b) boost your Section 199A deduction at...
Sale of a Principal Residence

Sale of a Principal Residence

Exclusion of Gain Principal residence defined. A principal residence is your main home, which is the home where you ordinarily live most of the time. You can have only one main home at any one time. Individual homeowners. Individuals can exclude up to $250,000 of gain...
Business Financing— Don’t Intermingle Funds

Business Financing— Don’t Intermingle Funds

Intermingling Funds A common problem with single-owner and other closely-held corporations is intermingling of funds. This occurs when a corporate shareholder uses his or her personal checking account for corporate deposits or payment of corporate expenses.Separation...