How to save taxes? Let’s count the ways.
Seniors will love the new tax bill!
If you are 65 years of age or older, several provisions in the One Big Beautiful Bill Act (“Big Beautiful Bill”) would be especially relevant: In summary, the most significant changes for someone age 65 or older are the new temporary $6,000 senior deduction, increased standard deduction amounts, and higher filing thresholds
Read More
Out with the old – in with the new 2023 mileage rates
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
Read More
Are there exceptions to the 10% early withdraw Penalty?
Actually there are quite a few. Here’s a partial list.
Read More
Why you should start a 529 Plan for your 2 year-old child
Start the 15-year clock! Open a 529 plan for each child today. It doesn’t take thousands of dollars or in some cases even hundreds of dollars-maybe as little as $100 to open this savings account. By opening it now the parent can start the 15-year savings clock so that all earnings in the account are…
Read MoreMore Security from the Secure Act 2.0
At What Age Does the Government Require the RMD? The chart below gives you the age when you have to start taking RMDs: Your Birth Year Your Mandatory RMD Age 1950 or earlier 72 (70.5 for those who turned 70.5 before 2020) 1951-1959 73 1960 or later 75 When Do I Have to Take My…
Read More
Inflation adjustments to tax items
With inflation at a 40-year high, inflation-adjusted tax amounts have kicked into place. Here are the increased amounts for 2022 and 2023.
Read More
IRS grants penalty relief!
This is a rare gift from the imperial IRS. Check the article below for details.
Read More
MMDA- Making meals deductible again
Have you missed partying and having business meals with your prospects, customers, and employees? Well, get ready to start again. Soon, COVID-19 will be behind us, we can get back to normal. To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:…
Read MoreHow to save taxes? Let’s count the ways.
Why a 1031 exchange is a great tax-planning idea
Why a 1031 exchange is a great tax planning idea
Ways to pay the IRS
Sometimes, in spite of all the planning, you may wind up owing more than you expected to the IRS.
What if IRS did more than tax collections?
What if IRS did more than tax collections?
Hiring your children – Part II
Hiring family members may save your company some payroll taxes!
Keeping it all in the family – Part 1
Hiring your children can save taxes for your business and your family
Commuting vs Business mileage
We get a lot of questions about what constitutes business mileage (deductible) and what is defined as a commuting expense (non-deductible) – here’s some answers.
Paying for employee education
Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them.
Do you have a Nexus
Operating in another state means possibly being subject to taxation in that state.
Bartering – cash free, but is it tax free?
Bartering might seem like something that happened only in ancient times, but the practice is still common today
Helpful Tools for Clients
For our first-time guests and new clients:
The first thing that you should look for in your Financial Advocate is the right attitude.
At SCA we don't believe in the "one size fits all" method of thinking. We post recent articles that may serve to help you save or make more money.