Some Tax Changes for 2012
Friday, February 10
Some Tax Changes for 2012Basic Individual Income Tax Changes• The individual and dependent exemption is going up by $100 to $3,800.• The standard deduction (if you don't itemize) goes to $11,900 for married filing joint, $5,950 for married filing separately and singles and $8,700 for heads of hou...
Tax Saving Tips for REI
Friday, February 03
Here are some quick tips to help you prepare for tax time. Many real estate investors make simple mistakes that can cost a fortune. Don't be one of them!• Don't Overtax Rent Income: Rent income is not subject to self-employment (social security) taxes. Too many CPA's classify rent income as self-...
Solo 401k versus Self-Directed IRA
Friday, January 20
I get many questions about Solo 401k versus Self-Directed IRA. Here are tips to help you decide.Solo 401k versus Self-Directed IRAA Solo 401k is a great retirement plan for self-employed individuals or business owners with no employees or part-time employees only. After extensive research and ta...
Early Start Tax Planning Checklist
Friday, January 06
EARLY START TAX PLANNING CHECKLIST1. If you own a business, do you have an EIN number, operating agreement, and a separate bank account?2. Have you recorded all the income and expenses related to the business on the business bank account? This is a huge audit item for 2012.3. If you own investmen...
What We Can Learn from Kim Kardashian about Year end Tax Planning
Thursday, December 22
It’s not often that talk about taxes hits celebrity blogs and gossip sites, but the recent hasty divorce application of TV reality star, Kim Kardashian, has made the headlines partly because of how Uncle Sam will affect her fortune. Kim Kardashian Kim Kardashian filed for divorce after only 7...
Is your Accountant Ripping You Off?
Friday, December 16
Before you can get some tax saving and wealth building work done, you may need help from a qualified CPA. Unfortunately there are more 'bad' CPA's out there than good ones. Here's some tips on how to spot the difference and find a gem who can become part of your 'tax-busting' team. HOW TO SPOT A ...