Tax

Tax Strategies for Supporting Your Parents

If your parents’ home is paid off and offers no deductions beyond property taxes, their total itemized deductions may not be more than their standard deduction. In this case, consider buying or financing their home: You can treat it as your second home and deduct mortgage interest and property...

Business Growth

Charitable Gifts of Property

Charitable Deductions Break-Down Many donors claim rich deductions for charitable gifts without ever spending a dime of cash. Don’t overlook gifts of property and appreciated assets for valuable deductions: Gifts of clothing, furniture, electronics, and household items in good condition are deductible at fair-market value (“FMV”), such as the...

Tax

Smart Year-end Tax Planning – Tax Reductions

There are 3 major issues that we have to bear in mind as the year ends: Taxes Company formalities Preparation for following year Take another look at the idea of transforming your 10 largest expenses. This is an ongoing procedure that needs to be done a minimum of twice...

Tax

All You Need Is Love

No matter who we voted for, we can all agree that this has been the nastiest presidential election since Thomas Jefferson called John Adams a hermaphroditic bastard. This week it’s finally (finally!) come to an end. Whether you’re elated or nauseated by the results, there’s probably one emotion you...

Tax

Battling Tax Evaders – IRS Wealth Squad

Last month, Hollywood brought back the classic western with a remake of The Magnificent Seven. It’s a tale as old as the West itself. An evil land baron terrorizes a town to satisfy his insatiable greed . . . and a ragtag squad of outlaws rides in to the...

Business Management

How to Save Money with a Proactive Tax Planning Approach

I am amazed at the media at or around April 15 attempting to explain that there are actual significant tax savings available at this late date. Yes, there are some minor tax savings, but most of the damage has already been done and there is no actual value in...