by Bill Houston | Feb 16, 2025 | General Tax Info, Reduce Your Taxes
These strategies and a few little-known elections can save you money on your 2024 tax returns and/or in future years Make a deductible IRA contribution of up to $7000 per person ($8000 if over age 49) by April 15th, 2025 for 2024 and deduct it on your 2024 tax return....
by Bill Houston | Dec 10, 2024 | Uncategorized
Add a side or small business. Some personal expenses can be converted to business deductions. This often reduces taxable income in the first phase of business growth. Most important is to actually start your business. If you don’t have an actual business,...
by Bill Houston | Sep 23, 2024 | Real Estate
Once or twice a year, a tax client comes to me exasperated because their mortgage broker is not including all of their income in their debt analysis. The most recent situation was one where the broker didn’t understand that a shareholder of an S Corp will...
by Bill Houston | Aug 25, 2024 | Real Estate
Everyone knows that you can only use the capital gain exclusion once every 2 years, right? Wrong. Qualified taxpayers generally can only use the whole exclusion once every 2 years, but in some cases, you can take a partial exclusion within the 2 year period after you...
by Bill Houston | Aug 25, 2024 | Real Estate
MYTH – The maximum capital gain exclusion on the sale of a personal residence is $500,000. Everyone knows that the maximum deferred capital gain on the sale of a home is $500,000, right? Well, actually that’s wrong. That’s the maximum excludable gain...
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