by Bill Houston | Jan 13, 2021 | General Tax Info
Now that we have the results of the elections, I think we can say with certainty that taxes will rise. Democrats now have thin control of the Senate and the House along with the Presidency which will allow Biden to pass at least some of his proposals. Here are some of...
by Bill Houston | Dec 8, 2020 | Business Deductions, Reduce Your Taxes
If you earn your living as a contractor, you pay self-employment taxes on the profit your company makes. You could be a real estate agent, a builder, a car salesman, whatever. As a contractor, if you don’t pay estimated taxes throughout the year, you’re...
by Bill Houston | Dec 6, 2020 | Reduce Your Taxes
This is the last in a series of year-end tax strategies for 2020. The previous 4 have been business related. This article relates to a personal tax reduction strategy. The basic idea here is to avoid the high taxes (up to 40.8% ) on short-term capital gains and...
by Bill Houston | Dec 6, 2020 | Business Deductions
If your business has less than 50 employees, it is a good idea to have a medical plan of some sort in place in your business. Most of the tax rules that apply to medical plans are straight forward when you have fewer than 50 employees. We will describe 6 opportunities...
by Bill Houston | Dec 3, 2020 | Business Deductions
This article gives you 7 tax deduction strategies that you can easily implement before the end of 2020. Strategy 1 IRS regs contain a safe-harbor rule that allows cash basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance. That means your...
Recent Comments