Do These Things Right Now to Save on 2019 Taxes

It’s time to make last-minute moves to save on your 2019 taxes. Retirement Account Contributions Do you have a Roth or Traditional IRA to save for your retirement? United States taxpayers can put up to $6,000 a year into one of these vehicles and deduct the amount from their taxable income. Even better, you have […]

Cannabis Companies and the Opportunity Zone Program: What’s the Deal?

Investors love the new Opportunity Zone (OZ) program, which allows for the diversion of capital gains into developing communities in exchange for significant tax breaks. But confusion about project qualification parameters lingers. For example: Can you invest in cannabis-related Opportunity Zone projects? Are they even allowed? It’s not an easy question to answer since state […]

Six Money-Saving Tax Tips for the Self-Employed

Self-employed people and freelancers are leaving money on the table by not maximizing allowable tax deductions. Let’s fix that. Self-Employed Tax Saving Tip #1: Work Retirement Options Self-employed people must pony up Medicare, Social Security and income taxes. However, they have more retirement savings options at their disposal, including: Simplified Employee Pensions; Employee Incentive Match […]

How Does the IRS Tax Money Awarded in a Lawsuit?

A judge and jury awarded a man $248 million in a lawsuit, but he only took home $18 million. Why!? How!? Answer: Taxes! Yes, federal and state authorities take a cut of lawsuit damages. That’s why it’s essential to consider tax implications during settlement talks. Below, we break down how it works, without all the […]

Why Aren’t You Using the R&D Tax Credit? Yes, You!

It’s now possible for more businesses to use the R&D tax credit. What is the Research and Development Tax Credit? Businesses can use the research and development tax credit for…well…research and development. For decades, large corporations have leveraged it to lob millions off their tax bills. Analysts estimate that it saves American companies about $10 […]

Tax Saving Method for Small Businesses and Freelancers: Take S-Corp Distributions Instead of Large Salaries

Many freelancers, small business owners, and entrepreneurs are leaving a lucrative tax strategy on the table, and it’s costing them loads of money. If you’re looking to reduce your taxes, pull up a chair for five minutes to learn more about s-corp distributions. First, Introductions We’re a tax law consultancy that works with freelancers, business […]

The Ultimate Guide to Cannabis Taxes in the United States

Cannabis legality in the U.S. is in limbo. A growing majority of states allow for some form of legalized marijuana, but it’s still out of bounds federally. Regardless, the trend continues towards legalization. After all, tax coffers respond well to the budding industry. Below, we discuss the current state of the cannabis union and related […]