How to Deduct Cruise Ship Conventions, Seminars, and Meetings

If you want to attend a convention, seminar, or similar meeting onboard a cruise ship and deduct all your costs, you face some very special rules. But it can be done. When you know the tax code rules, you will find a workaround that removes almost all the hassle and gives you what you want.

Making Sense of Your Taxes and Withholding

The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, made fundamental changes to the U.S. tax code, and 2018 returns were the first time most taxpayers could see the practical impact of these changes. In an April 2019 Gallup poll, 43% of Americans said they were unsure how the new tax law …

The Future of Social Security and Medicare

Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The newest reports, released on April 22, 2019, discuss the current financial condition and ongoing financial challenges that both programs …

Refunds for 2017 Shared Responsibility Payments

A new, or little known exception has recently been made clear that could allow you to recover 2017 penalty taxes. If you were one of the many taxpayers without Minimum Essential Coverage (Health insurance) for 2017, you might have paid a penalty tax with your 2017 tax return. Now, you could qualify for a full refund …

Use Retirement Funds to Capitalize Your Business

So many times, business owners struggle to find cash to start, expand, or otherwise solve a cash flow problem in their business. Oftentimes the banks are not able to assist and the business becomes desperate for cash. It’s during this search for business funding that the owner considers taking money from a retirement account. This┬ácontent …

What is a rollover IRA, and do I need one?

Generally, the term “rollover IRA” refers to an IRA that you establish to receive funds from an employer retirement plan like a 401(k). A rollover IRA is also sometimes referred to as a “conduit IRA.” When you roll funds over from an employer plan to an IRA, your financial institution may suggest that you use …