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.
Understanding the alphabet soup of retirement planning
Despite Obamacare, there is a way that you may be able to reimburse your employee’s medical costs.
Free at last! Free at last!
Just how free are you? It may depend on where you live.
IRS-Based Scams
[icon image=”megaphone” align=”left” width=”45″] [alert style=”danger” close=”false”] [Editor’s Note] Update – All the information below the next parargraph is from…
Half Truths about your W-2
Urban legends abound on this subject. Here are the current rules.
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IRS approves April 2015 deduction on your 2014 return:
Donations to slain Police Officer’s families can be backdated to 2014.
Are you a “real estate professional”?
During tax season, we get a lot of questions about the deductibility of rental real estate losses. There is not a single “sound bite” type of answer as it can depend upon your income level, type of property, and the degree to which you share in the management responsibilities.
“To Sell or Not to Sell -that is the question.” – William Shakespeare [edited]
Although we don’t give investment advice, we thought a simple math formula that helps you maximize your stock gains might be useful.
IRS allows a “mulligan” on Obamacare penalties
Occasionally IRS will surprise you and do something that actually makes common sense for our small business clients.
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.