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.
An example of evil greed
Who’s really being greedy here?
Another Peachtree tip for year-end accounting
When moving to the beginning of your tax year in Peachtree Accounting, be sure to adjust for the new state…
How to safely close the year in Peachtree Accounting
For our clients using Peachtree Accounting: If you own one of the Premium versions of Peachtree Accounting, you’ll get the…
This group fails their audit 92% of the time.
One way to determine the power of any organization is to take a look at their numbers. Without commenting on…
The worst state(s) to die in. . .
For estate tax purposes, there are some terrible states to die in this coming year (2013). Hover over the selected…
Customer no-service from IRS gets even worse!
As if things weren’t bad enough, now the less-than-sterling level of IRS service just got worse. It’s not just my opinion,…
Special Tax Deductions for Special Education via the WSJ
This Wall Street Journal Article contains a good overview of the tax breaks available for special education costs. “More than…
Why annuities may not be a good fit for senior citizens
This article highlights difficulties that some senior citizens have had with annuities. Arizona seniors lost millions in annuity fees, lawsuits say…
When you do the math. . .
. . .You find the best argument you could ever desire for Federal term limits.
Helpful Tools for Clients
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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.