Aurora Financial Services Newsletter

Self-Employment Tax Basics - July, 2022

If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax. Self-employment taxes are not insubstantial. Find out how to manage them to your benefit!

Alert: A Massive New FinCEN Filing Requirement Is Coming - June, 2022

Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? If so, be alert. There’s a new federal filing requirement coming. 

Donor-Advised Funds: A Tax Planning Tool for Church and Charity Donations - May, 2022

Do you give money to 501(c)(3) charities? Do you get a tax benefit from those donations? Recent changes in the tax code have done much to destroy your benefits from church and other taxdeductible 501(c)(3) donations. But there’s a way to donate the way you want, get revenge on the tax code, and realize the tax benefits you deserve.

Health Savings Accounts: The Ultimate Retirement Account - April, 2022

It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial outof-pocket expenses for health care after you retire.

Make Sure You Grab Your Home Internet Deduction - February, 2022

If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe. The deduction rules depend on your choice of
business entity (proprietorship, corporation, or partnership). Find out if you qualify HERE!

Is Your Sideline Activity a Business or a Hobby? - January, 2022

Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Will the IRS consider your sideline a business and allow your loss deductions? If you have such an activity, we should have your attention. Here’s the deal: if you can show a profit motive for your now-money-losing sideline activity, you can classify that activity as a business for tax purposes and deduct the losses.

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