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.
Read MoreWhy 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 MoreInflation 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 MoreIRS grants penalty relief!
This is a rare gift from the imperial IRS. Check the article below for details.
Read MoreMMDA- 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 MoreIRS 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.
Read MoreTax-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.
Planning or Just Playing Scrabble?
Retirement Planning – it’s more than a game of scrabble? Some of the 2013 retirement plan limits have…
Unlucky 4 digit numbers
Certain numbers can be unlucky for filing your tax return for 2012. Some of the 4 digits that are guaranteed…
Before we get serious about 2013 . . .
With new changes coming on the home office deduction, reporting of savings accounts, how IRS has managed the new preparer…
IRS releases revised E-File date
You may remember our post a few weeks ago where the IRS predicted that the fiscal cliff may cause filing…
Understanding the Free Market=Business Success
If you understand how the free markets should work, you’ll tend to do a lot better in business. Here’s one…
IRS offers a clean slate for the past. . .
Last year’s tax returns included two new questions. They both pertain to 1099 payments and, if unanswered, prevented you from…
A Cliff Notes Summary of the Fiscal Cliff Law
We’ve reviewed the 157 page sorry excuse for a err I mean problem-solving bill Congress passed last night. Sorry that…
If you read nothing else this year . . .
be sure to read our letter to clients on how to plan for 2013. This link will take you there.…
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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.