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Use These Tax Strategies and Elections to Increase your 2024 Tax Deductions

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....

Businesses can save on taxes and reduce their audit potential with an S Corporation election

by Bill Houston | Jan 25, 2023 | Business Entities, Reduce Your Taxes

The S Corp election is the super tool that can both reduce tax liabilities and audit risk at the same time. Successful sole proprietorships and LLC’s can face higher tax rates due to being subject to both the ordinary income tax and the self-employment tax.  They also...

Start Now to Cut your Self-Employment Taxes in 2021

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...

2020 Last-Minute Year-End Tax Strategies for Your Stock Portfolio – Part 5 of 5

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...
Deduction For Mortgage Insurance Premiums Reinstated- RETROACTIVELY

Deduction For Mortgage Insurance Premiums Reinstated- RETROACTIVELY

by Bill Houston | Feb 2, 2020 | Reduce Your Taxes

You might recall that the deduction for mortgage insurance premiums died as of Dec 31, 2017. You weren’t allowed to claim those premiums as part of your 2018 itemized deductions. Many people missed this because the doubling of the standard deduction (from $6000...
Converting Your Business to an S Corporation

Converting Your Business to an S Corporation

by Bill Houston | Jan 27, 2020 | Business Deductions, Reduce Your Taxes

There are a number of reasons to convert your business to an S Corporation but the most common is to reduce self-employment (SE) taxes. Any one operating their business as a sole proprietorship or an LLC taxed as a disregarded entity (fancy way of saying sole prop) or...
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