by Betro and Company, PC | Feb 4, 2019 | Tax Savings
Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI). The C corporation does not generate this deduction, but the proprietorship, partnership, S corporation, and...
by Betro and Company, PC | Dec 6, 2018 | Tax Savings, Uncategorized
Starting now, this year (2018), you have to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. If your taxable income is above $157,500 (or $315,000 on a joint return), then...
by Betro and Company, PC | Dec 6, 2018 | Tax Savings, Uncategorized
Your year-end tax planning doesn’t have to be hard. Outlined below are five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes this...
by Betro and Company, PC | Dec 6, 2018 | Tax Savings, Uncategorized
The beauty of tax planning your year-end stock portfolio is that it might cost you pennies in commissions but allow you to pocket real money. Here’s the basic strategy: Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income. Lower...
by Betro and Company, PC | Dec 6, 2018 | Tax Savings, Uncategorized
Two questions: Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? If you answered “yes” to both questions, here are some ideas for you to consider: Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR...
by Betro and Company, PC | Dec 6, 2018 | Tax Savings, Uncategorized
It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. Your first step is to identify your gain or loss on sale. Once you have the gain or loss, know these basic rules: Gains attributable to depreciation...
