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.
US Treasury indicates about 70% of millionaires to be hit with new tax are small business owners.
Depending on which definition you choose of what defines a “small business owner,” any new “millionaire tax” is going…
What’s in your wallet …(or on your copier)?
I’ve always liked the Capital One credit card commercial that closes with the line “What’s in your wallet?” We’re asking,…
Land of the free and home of the subsidized?
Under the “department of statistics that really scare me” , here are some charts that show the rapid growth of…
Can you use your 401(k) to start a business?
The answer is a very qualified yes. However, it’s not as simple as writing a check from your IRA. This…
What you can learn by adding (and subtracting) 8 zeros
Putting things into perspective by removing 8 zeros It’s amazing what simple math can show: An analysis of the numbers…
How to determine your “real” yield- a free spreadsheet
Things are rarely what they appear to be in the financial markets.Sometimes your real yield is what is left after…
Beware who defines “your fair share.”
Beware whom you permit to define what is your “fair share.” The definition will always be dependent on…
No time for professional reading? We can help!
As we find useful articles on marketing your company, etc., we’ll post a review on your individual portal. Here’s a…
Small business bookkeeping tool
For the small business, this one tool will track present a financial picture of all checks, deposits, wire transfers, and…
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.