January 7, 2021

Using Tax Brackets to Reduce Your Effective Tax Rate in 2021

Because tax season is just around the corner, many business owners and financial professionals have begun to turn their attention to lowering tax liabilities for themselves and their clients. One of the ways that can be done is by strategically using the brackets of the progressive tax system. At this point, you may be wondering how that works. Well, today’s entry is all about using tax brackets to lower your effective tax rate!
January 5, 2021

How to Calculate Your Effective Tax Rate

It’s everybody’s favorite time of year again! That’s right, it’s tax season. Because of that, there’s no better time to bring up today’s topic. Understanding how to calculate your effective tax rate is an essential skill that all business owners should have. With that, let’s get to the topic at hand.
December 20, 2020

20 Ways to Reduce Your Taxes

2020 is gone and, for financial planners and tax advisors, that means it’s time to turn our attention to tax season. I know, not the most festive subject, but it is something we all must deal with. So, why not make the best of it by discussing ways to lower your tax liability? Yeah, I thought that might pique your interest a bit. Join me as I reveal 20 ways to reduce your taxes!
December 16, 2020

Tax Power Plays for the End of the Year

Tax season is just around the corner and there’s little time left to make moves that will mitigate your tax bill for 2020. I recently sat down with a good friend of mine to discuss these end of the year tax power plays. Chris Mahan, owner of Mahan & Associates is a wizard when it comes to breaking down and taking advantage of the Internal Revenue Code (IRC). That’s why I thought of him when I began researching this subject. So, join me as I breakdown what I learned from Chris!
May 9, 2019

IRC 280A(g) – How You Could Use Your Home to Create Tax-Free Income

Can you imagine taking money out of one of your pockets, deducting it as a business expense, and then putting it back in your other pocket tax-free? That’s pretty crazy, right? What if it were legal? Actually, this tax strategy is so common that the IRS issued a private letter ruling on the matter. So what is this tax gem I’m talking about? You can rent your home to your business for business meetings! This even goes beyond the standard home office deduction found in the IRC 280A tax code. Let me explain how the “14-day rental rule” can work for you.
February 26, 2019

How We Avoided Capital Gains Tax on a Business Sale

Did you know that you could sell a business or a highly appreciated asset and not pay a dime in taxes? I know what you are thinking. Yes, it does sound too good to be true. However, this is not one of those cases. It is absolutely possible with a Charitable Remainder Trust. Though it is not for everyone, it can be a great method if you’re looking for ways to avoid capital gains tax on a business sale.
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