If you’re not good at paperwork, the corporate form of business is probably not for you. Let me tell you about a tax court case involving William H. Bruecher III. He learned a lesson by paying more than $27,000 in taxes on monies his corporation supposedly loaned to him. Mr. Bruecher’s corporation did not pay …
If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify for the Section 199A deduction—period, regardless of pass-through business type—when you have pass-through qualified business income (QBI), and 2019 Form 1040 taxable …
On our “Kids And Why They Are Awesome for Tax Savings” Facebook Live session, I discuss tax planning strategies and some of the ways your kids can be a benefit for saving money during tax time. Effects of Tax Savings Over Time Let’s take a look at how structuring your finances for tax efficiencies can …
