August 29, 2023
If you have a tax-favored retirement account, you generally must take required minimum distributions (RMDs) each year after you reach the “magic” age. If you don’t take RMDs, you’ll be hit with an expensive federal tax penalty, unless an exception applies…. Read more »
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10-Year Account Liquidation, Changes to the RMD Start Date, Reduced Penalty for Failure to Take RMDs, SECURE Act, tax-favored retirement account, Update on Retirement Account RMDs
October 25, 2022
It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal tax… Read more »
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100% First-Year Bonus Depreciation for Last-Minute Asset Additions, 401(k), businesses using a pass-through entity, Defined Benefit Pension Plans, Heavy SUV, How Can Small Business Owners Lower Taxes for 2022, Jobs Act (TCJA), Pickup or Van Write-Offs, publicly traded partnerships, QBI Deductions, qualified business income, REIT dividends, SECURE Act, self-employed, SEP-IRA, SIMPLE-IRAs, Small Business Tax Law Changes under the IRA, Tax-Favored Retirement Plans, Timing of Business Income and Deductions, Year-End Tax Planning