How to save taxes? Let’s count the ways.
Seniors will love the new tax bill!
If you are 65 years of age or older, several provisions in the One Big Beautiful Bill Act (“Big Beautiful Bill”) would be especially relevant: In summary, the most significant changes for someone age 65 or older are the new temporary $6,000 senior deduction, increased standard deduction amounts, and higher filing thresholds
Out with the old – in with the new 2023 mileage rates
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.
Are there exceptions to the 10% early withdraw Penalty?
Actually there are quite a few. Here’s a partial list.
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…
More 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…
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.
IRS grants penalty relief!
This is a rare gift from the imperial IRS. Check the article below for details.
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:…
How to save taxes? Let’s count the ways.
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.
The one place that you should never borrow money from
Here’s some good advice from the iowabiz.com site about the worst place to borrow money. [The 2% IRS penalty…
40 million dollars for a few less IRS agents? What a deal!
The problem is that it’s a deal for the government employees and not the taxpayers. An IRS early buyout…
The theory of relativity is in the tax code
This is not the theory discovered by Einstein, but the one that states that certain tax advantages may be disallowed…
New tax credit for hiring vets
President Obama has signed into law increased tax credits for hiring certain veterans. The credits are part of the…
What do the letters IRS really stand for?
During tax season, one of the most oft asked questions is – What do the initials in IRS mean? We offer…
Why most clients are in violation of their Quickbooks license and don’t even realize it!
As if the IRS wasn’t enough to deal with, now Quickbooks owners have another hidden trap that Intuit is just…
The state of estate tax
The “state” of the Estate Tax is … … in a state of confusion and that’s putting it mildly!…
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.