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Planning for the Warren Wealth Taxes

Normally, we don’t blog about proposed tax legislation. Especially something like Elizabeth Warren’s wealth tax proposals. She hasn’t even won her party’s nomination. And even if Senator Warren won the presidency, who knows whether enough moderate Democrats and Republicans would support her proposals. However, because her wealth tax works so differently from the way income […]

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Late S Corporation Payroll Hacks

This time of the year, tax accountants confront a common problem. That problem? Well, okay, this is awkward… but somehow, no one quite knows how, the S corporation hasn’t paid enough payroll to the shareholder-employee. Maybe the first quarter, the firm lacked cash. Second quarter, things got really busy. Then, you know, summer. And now, […]

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Section 199A Deduction Rookie Mistakes

CPAs and taxpayers made some Section 199A mistakes in 2018. We saw that a lot in the returns people asked us to review. And in the returns that passed information to our clients. But those mistakes shouldn’t surprise. The new Section 199A tax law complicated tax returns. Massively. And there’s good news connected to the […]

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Cancelling Life Insurance: Three Rules for Pulling Plug

A nearly $5,000  invoice from a life insurance company sits on my desk. But I haven’t paid it yet. Because I’m considering cancelling the policy. Which is a good thing to ponder. Life insurance policies, often bought and then renewed on the basis of emotion, can become a fantastic waste of money. But cancelling life […]

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How the IRS Destroyed the Section 199A Deduction for Small Business S Corporations and Partnerships

I’ve got some bad news, unfortunately. The IRS may have destroyed or dramatically reduced your Section 199A deduction. At least if you’re a typical small business owner. But let’s review the Section 199A deduction’s calculations. And then I can walk you through the nonsensical logic the IRS used to eliminate or dramatically reduce the Section […]

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Small Business Succession Planning Secrets

I spent last weekend in eastern Montana with a handful of third and fourth generation farmers and ranchers, relatives of my wife. Truly beautiful country. Awesome. At one point, I stood on bluff overlooking the land that Sitting Bull and his followers traveled through after the Battle of Little Big Horn. At the foot of […]

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The Hidden Magic of Arithmetic Growth

Many investors know about geometric growth, which is what compound interest is. Investors, for example, know that if you earn an annual 5 percent return on some investment, over time the investment grows large. Every retirement savings plan employs geometric growth. But small business owners want to know about another sort of growth, arithmetic growth. […]

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Are Houses Investments?

I got into a friendly argument with another financial writer recently. I said houses count as investments. He said houses didn’t count. We chatted about this a bit. And after discussing, we agreed to disagree. You don’t care about that, of course. Except I think our points of disagreement suggest actionable insights for people buying […]

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Maximize Depreciation Deductions under the Tax Cuts and Job Act of 2017

The Tax Cuts and Jobs Act (TCJA) of 2017 created new depreciation rules. And both business owners and real estate investors want to learn the new rules in order to maximize depreciation deductions. In the paragraphs that follow, accordingly, I briefly describe the three big depreciation changes in the new law. A Little Background But […]

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A Dozen Reasons for Direct Real Estate Investment

Okay, I am not a direct real estate investment fanatic. Absolutely not. Further, I get that direct real estate investment burdens investors with some problems. Illiquidity for one. A lack of diversification for another. And then the extra work of owning and managing properties. But critics of real estate investment absolutely get it wrong when […]

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