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Small Business Tax Strategies

We can’t tell you whether or not to leave your job, but we can provide some insight into the tax ramifications.

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So, you’ve decided to retire early. Congratulations! But before you devote your life to perfecting your golf swing or trotting around the globe, make sure your financial house is in order.

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Owning two or more cars costs more than owning one, right? Well, here’s a way that you can make your status as a two-or-more-car family pay off.

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Tax deductions on mortgage interest on an investment property

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If your child will start college or return to high school for his or her senior year this fall, he or she may qualify for a scholarship award based on talent, experience or achievement.

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Self-employed people can now deduct 100 percent of their health insurance expenses. But you can still do better tax-wise if you don’t pay for your own coverage.

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If you’re in the process of divorcing, you have more on your mind than taxes. Still, if you make a few tax-smart moves before the decree is finalized, you can save big.

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Deducting the cost of tickets purchased and given to charities

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Reporting campaign contributions.

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Although charitable remainder trusts (CRTs) can still provide big-time tax benefits for donors if they’re set up properly, proceed with caution, since the IRS has targeted CRTs that it considers “abusive.”

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