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.
Get a 30 Percent Tax Credit for Residential Solar Panels
Only a few months left to Claim a Tax Credit for Residential Solar Panels If you’ve decided that you want…
Roth vs Traditional IRA – Which is better
Roth IRA versus Traditional IRA: Which Is Better for You? I can’t think of a more heated tax debate…
Other firms give you a list but we give you a tool
A list of your assets is great for estate planning but, in addition, what your heirs will appreciate is a…
Barter – Yes, it’s taxable
Bartering: A taxable transaction even if your business exchanges no cash It’s good to read the above sentence a couple…
Wayfair-you’ve got just what I don’t need
I doubt there’s a more common question that I get from business owners that sell a product than -“How does…
Know your enemy’s plan- Read his audit guide
In chess (as in business), it’s good to be able to think three moves ahead. This is especially true…
Red Alert – Data Breach
Two years ago, we published this alert about the Equifax data breach and the steps you should take. Today,…
Methods of Asset Protection
We ought to be always learning about most everything in life. But it’s especially important to keep current on ways…
Numbers that we should remember
There are many numbers (tax rates, investment percentages, etc.) that we like for clients to remember, but as we approach…
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.