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 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 More
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.
Read More
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.
For advanced clients only
For our clients who have advanced knowledge of the dangers starting January 1 (to join this group, Click Here and…
The fiscal cliff in graphic form
Hollywood’s Friday the 13th and Freddy Kruger can’t begin to compare to how scary this picture promises to be. Coming…
Specific info on the Fiscal Cliff
Detailed information of the peaks and valleys of the Fiscal Cliff Our last newsletter (see this link) contained general…
The Dark Knight vs. H&R Block
Bruce Wayne (aka Batman) may be out to get Block (H & R), not the villainous Bain. Seems like H&R did a…
Is there a way to deduct my political donation?
Is there a way to deduct a political donation? The answer may surprise you. More than most…
Breaking tax news for 2013!
IRS just announced the new (and higher) limits on 401(k) plans etc. Here’s a summary for use in 2013 tax planning. …
A Tale of Two Tax Plans
With apologies to Charles Dickens, here’s an easy to understand graphic of how the upcoming tax plans measure up. Source: www.backtaxeshelp.com
Back to School, Back to Practice: What You Need to Know About Your Insurance as a Volunteer Coach
As children return to school across the country, families know that can also mean a return to the practice field,…
Your Cheating Chart (from the Journal of Accountancy)
To paraphrase the country western song, your cheating chart is going to tell on you! Fellow CPA Carlton Collins shows…
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.