Latest Posts

For years, financial and tax advisors have lectured about the wonderfulness of Roth IRAs and why you should convert traditional IRAs into Roth accounts.

But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing.

Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care.

If you could deduct these expenses, you’d substantially reduce your income tax liability—possibility down to $0—and dramatically reduce your financial burden from these costs.

Say both you and your spouse have your own pass-through businesses. Your spouse’s business provides paid services to your business. Could this arrangement cause you problems when claiming a Section 199A deduction?

The new Individual Coverage HRA (ICHRA) lets you help employees with their health care costs without fear of ACA penalties.

Starting January 1, 2020, employers can offer a new type of HRA called the Individual Coverage HRA, or ICHRA.

The ICHRA allows you to

Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation.

But times have changed.

Here’s a heads-up.

The 30 percent residential solar credit

Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA.

If you filed your business income and expenses as a proprietor in 2017 and reported $100,000 or more in gross receipts, your chances of IRS audit were 2.4 percent (2017 returns are still open for audit, so the percentage could increase).

Had you reported this income as an S corporation, your chances of audit were only 0.20 percent.

Roth IRA versus traditional IRA: which is better for you?

Here’s a heads-up on mortgage insurance.

Personal Residence Mortgage Insurance