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Search Result For : Tax

Total Result: 10

Trust Set-Up Consultation: Why Working with a Tax Advisor Makes a Difference

When it comes to estate planning, setting up a trust is a powerful way to ensure your assets are protected, efficiently transferred, and structured for tax optimization. As a tax advisor who specializes in trust setups, my consultations offer a unique val...

Financial Freedom Number: Planning for a Secure Future

Discover how to achieve financial freedom with expert tips on retirement planning, investment strategies, and life expectancy considerations. Learn how to calculate your financial freedom number and secure your future today....

Doing Business as LLC & Paying Yourself (Tax Hacks)

If you're a small business owner operating under an LLC (Limited Liability Company), you've probably wondered, "How do I pay myself?" Whether you're just starting or have been in business for a while, understanding how to pay yourself properly is critical...

Explode Your HSA: 4 Hacks to Maximize Savings, Grow Wealth, and Protect Your Future

An HSA might just be one of the most underrated financial tools available, offering not only tax advantages but also flexibility and growth potential that could make your future self high-five your past self. Ready to explode your HSA savings?...

The $25K Special Loss Allowance - Tax Strategy For AGI Below $100000

Inflation affects everything, from the cost of living to investment returns. Yet, some critical tax deductions and allowances remain stuck in the past, untouched by inflation adjustments. One glaring example is the $25,000 special loss allowance for real ...

Lessons for Minority Shareholders: Protect Yourself from Partner Misconduct

When it comes to owning a business with multiple partners, trust is essential but not always enough. The story of James Maggard, a minority shareholder in an S corporation, serves as a powerful warning about the risks of placing too much trust in business...

How a $2 Million Yacht Led to an IRS Audit: Lessons for Business Owners on Avoiding Costly Tax Mistakes

Imagine buying a luxury yacht and thinking it's a savvy business move—until the IRS comes knocking. This is exactly what happened to Damon R. Bansal, an entrepreneur who tried to turn a $2 million yacht purchase into a tax write-off, only to face the hars...

How to Transfer a Business to Your Child: Age Requirements and Tax Strategies

While a child must be at least 18 years old to legally own a business outright, there are ways to prepare them for future ownership through trusts, custodial accounts, and strategic tax planning. By carefully considering the legal, financial, and tax impl...

How to Handle Taxes for Your Online Health Coaching Business ?

Running an online health coaching business offers tremendous flexibility and access to a wide audience, but it also comes with specific responsibilities, including tax compliance and various legal requirements. Understanding how your income is taxed, stay...

The HRA (Health Reimbursement Arrangement) Strategy: Deducting Medical Expenses in 2024

Each of these strategies can be powerful tools for business owners to manage and reduce their taxable income through legitimate medical expense reimbursements. The choice of strategy depends on the business structure, the owner's tax bracket, and the leve...