How to save taxes? Let’s count the ways.
Are there exceptions to the 10% early withdraw Penalty?
Actually there are quite a few. Here’s a partial list.
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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…
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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.
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IRS grants penalty relief!
This is a rare gift from the imperial IRS. Check the article below for details.
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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:…
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IRS changes gears with new mileage rate July 1, 2022
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.
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Tax-Deductible Retirement Plans for 2022
For the small business owner: Options when you are self-employed with no employees (Chart 1 below) Options when you are the only employee of your corporation (Chart 2 below)
Read MoreHow to save taxes? Let’s count the ways.
Tax-Deductible Retirement Plans for 2022
For the small business owner: Options when you are self-employed with no employees (Chart 1 below) Options when you are…
Donor-Advised Funds -they are easier than you think
Donor-Advised Funds: A Tax Planning Tool for Church and Charity Donations Do you give money to your church? Do you…
HSA for Seniors on Medicare?
From our friend and elder-law attorney Ira Leff (used with permission). 32 million Americans currently maintain Health Spending Accounts (HSAs).…
SEP vs 401(k)
We get a lot of questions (especially from self-employed business owners) on how the SEP IRA and the solo 401(k)…
Georgia makes a common-sense move on taxes!
March 23, 2022, 5:03 PM Georgia will be sending $1.1 billion in refund checks to taxpayers in the coming weeks…
2022 Tax Planning Guide
We have all the basic rates and tables in one place. Use the download link to save to your machine.…
New IRS position on Crypto currency
From Bloomberg tax: The burgeoning crypto sector represents a goldmine for government treasuries, says MyChargeBack’s Michael B. Cohen. And as…
Summary of IRA deduction rules
Quick summary of IRA rules The maximum annual contribution limit is $6,000 in 2021 and 2022 ($7,000 if age 50 or…
Tax Reference Guide for 2021
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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.