Business Owners: Why you should relook at your retirement savings under the new tax law

The new Section 199A 20% Pass-Through deduction for business owners is probably the most confusing and complex part of the new Tax Cuts and Jobs Act of 2017; however, it has some very positive planning opportunities that could save you

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Rental Real Estate

How you may be able to take the 20% pass-through deduction! The Section 199A 20 percent tax deduction is a gift from lawmakers. Literally, you don’t earn this deduction; it’s simply there for you if you qualify. Under the trade

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Tax & Financial Implications For Renting Out Your House

Tax & Financial Implications For Renting Out Your House “Travel makes one modest. You see what a tiny space you occupy in the world.” -Gustav Flaubert Have you ever wondered why vacation rental home services like Airbnb or VRBO are

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Are real estate agents & brokers an out-of-favor service trade or business for purposes of pass through deduction?

Section 199A instituted a new 20% pass-through deduction for businesses with some exceptions.  Certain fields over certain amounts of income were excluded or considered out-of-favor, and would not be able to claim the 20% pass-through deduction. Originally when the law

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Five Last Minute Tax Reduction Strategies

1)Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses

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2018 Last Minute Year-End Tax Strategies for Marriage, Kids & Family

Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. Put Your Children on

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Last Minute Year-End Tax Strategies for your Stock Portfolio

The beauty of tax planning your year-end stock portfolio is that it might cost you pennies in commissions but allow you to pocket real money. Here’s the basic strategy: Avoid the high taxes (up to 40.8 percent) on short-term capital

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Last Minute 2018 Year-End Tax Planning

Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2018 expenses

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Business Vehicle Purchase under New Tax Law 2018

Thinking about a Business Vehicle purchase?  Two Questions: Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Here are some ideas for you to consider: Buy a New or Used

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Can I take the new 20% deduction for qualified business income?

Lots of business owners have been contacting us of late, as we’ve developed a bit of a reputation around the Springfield MO area for helping business owners save a bundle on their taxes. And many of the business owners have

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