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.
What a difference a name makes!
How you define “Real Estate Investor” and “Real Estate Dealer” can make a huge difference in your taxes. Let’s take a…
Is it too late to accrue a bonus for last year?
Is there still time to pay 2018 bonuses and deduct them on your 2018 return? [Editor’s note: This post pertains…
Does everybody really get a tax cut in 2018?
This is because the tax rates are less than in 2017 for every income bracket. Although there is always the…
Common sense year-end planning
7 last-minute tax moves for your business Postpone invoices. If your business uses the cash method of accounting, and it…
The one sure way to know if we’ll have a government shutdown
With all the stress of the holiday season, we thought you could use a little humor at Congress’ expense. Therefore,…
Tis the season to deduct Holiday gifts and parties
When holiday gifts and parties are deductible or taxable The holiday season is a great time for businesses to show…
Out with the old – in with the new 2019 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.
Questions from our clients on the new tax law
The following questions are ones that we get asked every week at this time of year. Below are the answers…
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Helpful Tools for Clients
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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.