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.
Simple in Six – How to enter Excel data just one time!
Do you ever get frustrated formatting a yearly spreadsheet and then entering data in 12 tabs for monthly projections, budgets,etc?…
Why your 401(k) is only the beginning!
A 401(k) is just the beginning of the good things that you can do for your employees and for yourself. Take a look at the data below.
Tax Advice for Valentine’s Day
This is one of our older posts, but it’s still good advice!
Simple in Six – Excel Tables
Arguably, one of the most powerful features in Excel 2007 & 2010 is the new table formatting option. You can learn the basics in less than 5 minutes with the tutorial below.
Can you guess what’s coming next?
Laura Saunders has a great exercise in predictive logic in the tax section of the Wall Street Journal. Most clients’…
How to add forms to your tax organizer
I’ve always liked being able to substitute items on a restaurant menu. That way you get exactly what you want. Why should your tax…
When does it pay to be average?
Sometimes being average is not a bad thing. The data below (for illustrative purposes only) shows what the IRS…
5 Benefits from the new tax law
There actually are some helpful things that emerged from the midnight-hour law signed by President Obama on January 2. Here’s our pick of the top 5.
Time running out for a do-over on your IRA distribution!
As our golfer friends say, time is running out for a mulligan on any IRA distributions that were required by…
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.