UPDATES TO THE IRS BUSINESS INTEREST EXPENSE DEDUCTION
July 31st, 2020 Brad Hennebert
The IRS issued final regulations (PDF) from the Tax Cuts and Jobs Act limiting the deduction for business interest expense. For tax years beginning after December 31, 2017, business interest expense deductions are limited to the sum of: the taxpayer’s business interest income; 30 percent (or 50 percent, as applicable) of the taxpayer’s adjusted taxable […]
COVID-19 S-Corp Tax Relief Strategies
July 24th, 2020 Brad Hennebert
COVID-19 led to a lot of financial changes. In the midst of layoffs, the Paycheck Protection Program was established to give small business owners a way of keeping up with payroll and expenses. Additionally, stimulus checks have gone out to qualifying individuals across the country. However, there hasn’t been much talk about S-Corp tax relief. […]
The 9 Most Common Small-Business Bookkeeping Mistakes–and How to Avoid Them
July 21st, 2020 Taxloopholes.com Advisor
Over the last 25 years, I have helped thousands of business owners grow and scale their businesses. I have had the privilege of helping business coaching clients increase their revenue in a short period of time by teaching them how to create systems and controls and making smarter business choices. Unfortunately, for many business owners […]
WHAT IS A BACK-DOOR ROTH CONTRIBUTION AND WHEN IS IT RIGHT FOR YOU?
July 14th, 2020 Jennifer White
Stephen Fletcher, CFP®, MBA is a Wealth Advisor at BlueSky Wealth Advisors and lead educator for NAPFA Genesis. After the 2017 Tax Cut and Jobs Act, advisors have been utilizing a little-known provision in the tax code blessed by the IRS. It is called the Back-Door Roth contribution, and it lets high-income earners still get some funds into […]
