Every year, as a small business owner, I like to ask my tax accountant: What’s the least amount I can pay myself in salary and bonus before the IRS comes knocking? Every year, he comes up with a slightly different answer. The IRS is smart and is always changing the rules, usually to its benefit. […]
The mortgage interest deduction limit has decreased since the new Tax Cut & Jobs Act was passed in 2018. In the past, you could deduct mortgage interested on up to $1 million in mortgage indebtedness. Today, according to the IRS, the maximum mortgage amount you can claim interest on is $750,000 on first or second
Mortgage Interest Deduction Limit and Income Phaseout Read More »
Did you know that you can make a lot more by working overseas and save a significant amount in taxes at the same time? Now that you know, why not work overseas? The US tax system is not the most lenient by any means. American tax payers shell out effectively almost 50% of their incomes to
Why Not Work Overseas, Make More And Pay Less Taxes! Read More »
If you own a business, you should know the tax rules for buying a SUV or a truck. You can and should deduct the operating expense of your vehicle if you use it for your business. But you can also deduct the cost of your SUV or truck as well. As an SUV owner and
Tax Rules For Buying A SUV Or Truck To Deduct As A Business Expense Read More »
If you are a homeowner, your mission should be to try and lower your property taxes whenever there is a downturn. You should also try and fight any egregious property tax increases as well. The city counts on homeowners to rollover and not put up a fight. Ever since 2008 I’ve been fighting to lower
Exploit Online Data To Lower Your Property Taxes Read More »
FICA stands for Federal Insurance Contributions Act and consists of a Social Security tax and a Medicare tax. Social Security tax is 6.2% and Medicare tax is 1.45% for a combined FICA tax rate of 7.65%. FICA tax is very important for everyone to understand because so often we only think about federal tax rates
Maximum Taxable Income Amount For Social Security Tax (FICA) Read More »
The end of the year can get hectic. There’s the holidays, lots of family stuff, and plenty of work deadlines. But most importantly, there are important year end tax moves to make. The good thing about having multiple income streams is the financial security it provides. But, the bad thing about having multiple sources of
Important Year End Tax Moves To Make To Save Money And Grow Wealth Read More »
If you want to save money on property tax, please don’t call the assessors office to update your city property records. Instead, let the inefficient, bureaucratic machine take its sweet time! The property assessor’s goal is to try and extract as much money from homeowners as possible. Your goal as a homeowner is to save
To Save Money On Property Tax Don’t Update Your City Property Records Read More »
Want to earn more money and pay less taxes? We all do. Let’s talk about three of my favorite ways to earn more and pay less. John F. Kennedy once said, “Ask not what your country can do for you, ask what you can do for your country.” I took his message to heart when
Three Favorite Ways To Earn Money And Pay Less Taxes Read More »
For the past several years I’ve filed a tax extension. A tax extension allows taxpayers to file for a six-month extension if they need more time to prepare their tax returns. The neat thing is that you can obtain an extension for any reason, so long as you submit Form 4868 electronically or on paper
The Main Reasons To File A Tax Extension Beyond Late K-1s Read More »
