Tax season is over! After taking a few deep breaths and actually relaxing, I have come up with a top 10 list of things I learned from tax season. Continue reading
taxes
Use HSA’s for Maximum Impact
An HSA ((Health Savings Account) is one of the few tax benefits that did not change with TCJA 2017. Tax-wise, they are superior to 401k’s, IRAs, and Roth IRAs because you get a Continue reading
What Business Entity Should I Choose?
One of the most common questions we receive from solo business owners (doctors who either moonlight, have a side business, or are starting a business) is: which entity should I choose? Let’s look at the three most popular choices: Continue reading
How to get the most out of deductible meals
In this month’s video, I explained what types of business meals are deductible. Since meals can be frequent and for small dollar amounts, I get more questions about tracking these receipts than any other expense. In the case of travel meals, an IRS rule allows you to throw those receipts all away. Instead of tracking and deducting each specific expense, you can deduct a per diem rate for your travel meals. Continue reading
Independent Contractors & W-9 Forms
Whenever you do work for a company as an independent contractor, they should ask you to fill out a W-9. This document is used by the company to file 1099s for individuals and non-corporate entities to whom they have paid more than $600 in a calendar year. Independent contractor services include but are not limited to Continue reading
How to Save Taxes with an S-corporation
One of the most frequently-asked questions from physicians with IC income is, “Do I need to set up an s-corporation?” Answer: It depends. In this post, let’s examine how an S-corp. works and exactly what this choice “depends” on. Continue reading
529 plans and their tax benefits
With the costs of college and other post-secondary education continually rising, clients often ask about effective methods of planning for their children’s future education costs.
Though there are several methods of planning for future education costs, one popular technique is to use a 529 plan. Continue reading
Planning to Maximize Your Section 199A Deduction
TCJA (Tax Cuts and Jobs Act) 2017 took away employee business expenses, along with much of our ability to itemize. In particular, we can now deduct mortgage interest on only $750k of debt and are limited to a deduction of $10k/yr. for SALT deductions. On a positive note, the Pease Limitation – which reduced itemized deductions for high earners, is gone along with AMT for most high-income taxpayers. Continue reading
Instructions for Backdoor Roth IRA’s
Backdoor Roth IRAs are a frequently-discussed topic on physician blogs and social media sites. But most conversations assume you understand basic investing concepts that many novice investors don’t. I’ve written this post as a reference guide for anyone who needs help with the mechanics on how to set up a backdoor Roth IRA. Continue reading
199(A) Case Study #4 – Overall taxable income limitations
[This post is part of a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. For an explanation of the basics of this deduction, please review this post.]
Today’s case study is going to look at when the 199(A) deduction may be limited by overall taxable income. Continue reading
