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.
The SECURE ACT – New Rules for Retirees
New Law Extends Key Tax Breaks into 2020 — aka How Congress tries to upset your year-end planning Just…
Out with the old – in with the new 2020 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.
Business Reading List for the Holidays
To succeed in business, it’s necessary to learn some economic theory. Don’t worry – this doesn’t mean you have to…
Christmas giving and tax deductions
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
Christmas gifts and their tax benefits
Holiday parties and gifts can help show your appreciation and provide tax breaks With Thanksgiving behind us, the holiday season…
Chrisley knows best — except for taxes
There have always been a number of things you can do to get on the IRS’ bad side and (in…
Hitting the target with the Business Income Deduction
The new deduction of 20% of qualified business income (QBI) has been a source of confusion for clients (and accountants…
If Alexa were made by Southerners . . .
Sometimes during the final deadlines of the 1040 tax season, you just need a good laugh. Thus, in the spirit…
Sell your C-Corp business and pay no tax?
Section 1202 allows you to sell qualified small business stock (QSBS) on a tax-free basis! Now, add to this no-tax-on-sale…
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.