Tax Reform for your Small Business

On November 2, 2017, Congress released full details of 2018 tax reform proposals. Included in the proposals are changes for individuals and businesses. It passed 227-205 in the house on November 16, 2017. The Senate has variations to this bill. I noted some of them in the text below, but this article is primarily focused . . . 

Your Action Plan for Pending Tax Reform

On November 2, 2017, Congress released full details of 2018 tax reform proposals. Summary version found here. Previously we had a skeleton (or less) version of the proposed tax changes. The majority of that outline remains intact. It is expected that this bill will be pushed through the house quickly with an expectation that by . . . 

401(k) versus Roth 401(k) 

Having a sound tax strategy is critical to long-term wealth building.  Whether you’re an employee, business owner, or invest in real estate there are tax wise decisions you must make every day. After making a smart tax decision your next step is to decide what to do with your winnings.  To understand a tax strategy, I . . . 

Reduce Willpower. Increase Success.

Systems vs Goals

I’m currently reading How to Fail at almost everything and still win big by Scott Adams. If you don’t know who Scott Adams is, he is the author of the comic strip, Dilbert.   A co-worker introduced me to Dilbert by sharing his daily calendar comic. Each day I’m left with or scratch of the . . . 

Another way to fund a Roth

Mega back-door Roth IRA

Last week we discussed how to complete a back-door Roth IRA contribution. For many, this strategy is a slow and boring way to do it. Fortunately, there is another option, which can lead to larger Roth contributions when you earn too much. The ability to use this strategy is relatively new. In September 2014, the IRS released Notice 2014-54 to grant . . . 

How to pay less tax

Tax strategy

Most people I know do not like paying taxes. Some do not like paying their fair share while most people are fine paying their fair share of taxes. To those who are not interested in paying their fair share… be careful because that can lead to tax evasion. Tax avoidance is cool. Tax evasion is . . . 

Is my tax avoidance strategy a wealth avoidance strategy?

social security and s corporation wage

Building wealth requires a keen focus on tax management. However, finding a way to avoid tax today doesn’t always translate into greater wealth tomorrow. One of the most popular tax avoidance strategies is for a small business owner to go from being taxed as a sole proprietor (Schedule C) to being taxed as an S . . .