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 right now reduces your taxes this year, without question. While it’s true you kicked the […]

IRS Allows Client and Prospect Business Meal Deduction

Ted’s Tax Saving Tips Vol 201811 IRS Says TCJA Allows Client and Prospect Business Meal Deduction In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent […]

Big Changes to Alimony Happen January 1, 2019

It is urgent that those getting divorced consider the changes in Alimony tax treatment of any agreements executed after December 31, 2018.  The Tax Cuts and Jobs Act (TCJA) dramatically change the deductibility of alimony to ZERO! For all divorce agreements executed after December 31, 2018, alimony is not deductible for those paying nor is […]

A failure to plan is a plan for failure!

There is still time to reduce the amount of taxes you pay, but you have to take the time to plan.  We have FREE resources to help you along the way. The “New” Tax Code: 9 Simple, easily overlooked tax secrets for individuals or The 7 Essential “Post Tax Reform” Business Tax Strategies Download them […]

Tax Saving Tips Vol 201810

Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be […]

Business Owners: How to Legally Reduce the Amount You Pay in Taxes using the New Tax Law that went into effect 1/1/2018.  Learn legal, court approved methods and strategies to reduce the amount you send Uncle Sam!  Wouldn’t you rather keep your money in your pocket.  The new tax law has some awesome opportunties to […]

Home Equity Line Interest Not Deductible Anymore!

Home Equity Interest May Not Be Deductible Many homeowners have taken out a home equity line note and in the past have been able to deduct the interest from the note (upto $100,000) regardless of what the money was spent on, but NO MORE!  The new tax law that went into effect in 2018 does […]

Last Minute Business Tax Strategies 2017 with Tax Reform in Mind

2017 Year-End Tax Strategies for Springfield MO Business Owners With Tax Reform In Mind “It is our attitude at the beginning of a difficult task which, more than anything else, will affect It’s successful outcome.” -William James There are obviously two different tax returns that most business owners have submitted to the IRS: their business […]

Tax Reform Year End Strategies 2017

We’re in that annual holiday lull during which most of the country takes things real easy, tries to recover from all of the parties, and gears up for a new beginning. For tax professionals, however … well, let’s just say that we don’t often get a “normal” holiday season, and this year is even more […]