by Matt Engelmann | Sep 17, 2019 | Uncategorized
Make the RMD from Your Traditional IRA Tax-Free Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified...
by Matt Engelmann | Sep 17, 2019 | Uncategorized
Creating More Business Meal Tax Deductions After the TCJA Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business...
by Matt Engelmann | Sep 17, 2019 | Uncategorized
Act Fast to Claim a 30 Percent Tax Credit for Residential Solar Panels Here’s a heads-up. The 30 percent residential solar credit drops to 26 percent for tax year 2020,drops to 22 percent for tax year 2021, andterminates in 2022. Also, unlike the 30 percent commercial...
by Matt Engelmann | May 14, 2019 | Uncategorized
We offer profit harvesting automation for our monthly accounting clients at no extra fee. You may be wondering – what is “Profit Harvesting Automation?” Here are the answers: 1.) What is Profit Harvesting Automation (PHA)? We listen to your needs and...
by Matt Engelmann | Oct 14, 2018 | Uncategorized
If at all possible, you want to qualify for the 20 percent tax deduction offered by new tax code Section 199A to proprietorships, partnerships, and S corporations (pass-through entities). Basic Rules—Below the Threshold If your taxable income is equal to or below the...
by Matt Engelmann | Oct 10, 2018 | Uncategorized
If you operate an out-of-favor business (known in the law as a “specified service trade or business”) and your taxable income is more than $207,500 (single) or $415,000 (married, filing jointly), your Section 199A deduction is easy to compute. It’s zero. This...
by Matt Engelmann | Sep 27, 2017 | Uncategorized
New Minnesota 529 College Savings Credit -Deduction Are you saving or thinking about saving money for college in a 529 college savings plan? Good news, the state of Minnesota passed legislation in the summer of 2017 to give you an additional incentive to contribute to...
by Matt Engelmann | Jun 4, 2017 | Uncategorized
Creating a Very Basic Business Plan You can certainly create an expanded business plan using an almost unlimited amount of free templates online, however, here is a very simple outline of some questions you need to be able to answer: Who will I be marketing to and...
by Matt Engelmann | Jun 4, 2017 | Uncategorized
Tracking Your Expenses Quickly – Part II The first blog post, Tracking Your Expenses Quickly – Part I, discussed how to quickly store your receipts online using an app. Part II, this post, discusses how to track your expenses. This is important for two reasons:...
by Matt Engelmann | Jun 4, 2017 | Uncategorized
Tracking Your Expenses Quickly – Part I Tracking your expenses is really made up of two separate tasks: Keeping a copy of your receipts to substantiate your expenses in the event of an audit. Keeping a log of your expenses for your own accounting records and filing...
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