AFS Blog
TAXES ARE GOING UP
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...
Start Now to Cut your Self-Employment Taxes in 2021
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 getting hit...
2020 Last-Minute Year-End Tax Strategies for Your Stock Portfolio – Part 5 of 5
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...
2020 Last Minute Year-End Medical Plan Strategies – Part 4 of 5
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...
2020 Last-Minute Year-End General Business Tax Deductions – Part 3 of 5
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...
Year-End Business Tax Strategies for Marriage, Kids and Family – Part 2 of 5
In this article, you will find 5 year-end tax-deduction strategies that apply if you're getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives or friends. STRATEGY 1 Put your children...
2020 Last-Minute Vehicle Purchases to Save on Taxes-Part 1 of 5
If you need a replacement vehicle, whether it's a car, SUV, van or truck and/or need tax deductions in 2020, read on. Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you could, in many cases, deduct up to 100% of the cost in 2020. But the timing has to be...
Do You Have Unfiled Tax Returns?
Each year we are asked by clients to help them get caught up on unfiled tax returns. Sometimes this is due to an IRS letter or a previously unnoticed tax lien, a garnishment or just because they would feel better if the returns were filed. You might be surprised to...
Business Real Estate Debt Forgiveness
As more and more commercial restaurant and retail ventures fail, property owners will seek debt relief from lenders who may be unwilling to repossess and would rather renegotiate the loan. When a business loan is modified to reduce or eliminate the amount owed it...
Tax Dos and Dont’s For Gig Workers
According to the Gig Economy Index from PYMNTS.com, nearly a third of workers in the US participate in the gig economy in some way, from driving for a ride-share app to renting out part of their home temporarily to providing specialized consulting to ...... Most like...
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