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Tax-Saving Tips June 2019

THE WHALEN GROUP Combine Home Sale with the 1031 Exchange You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The tax-saving strategy is to combine the tax-avoidance advantage of the principal residence […]

Tax Tips May 2019

Good news. The Tax Cuts and Jobs Act (TCJA) did not harm the backdoor Roth strategy. As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front and then, with the proper holding period, pay no taxes after that. […]

Tax Savings Tips

April 2019 Good News: Most Rentals Likely Qualify as Section 199A Businesses The Tax Cuts and Jobs Act tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business. As the law […]

Tax-Saving Tips

  THE WHALEN GROUP Tax-Saving Tips February 2019 IRS Issues Final Section 199A Regulations and Defines QBI 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, […]

THE WHALEN GROUP Tax-Saving Tips

January 2019 TCJA Tax Reform Sticks It to Business Start-Ups That Lose Money The Tax Cuts and Jobs Act (TCJA) tax reform added an amazing limit on larger business losses that can attack you where it hurts—right in your cash flow. And this new law works in some unusual ways that can tax you even […]

YEAR-END TAX PLANNING 2018

THE WHALEN GROUP INDIVIDUAL TAX ISSUES Individuals who are 70 ½ years of age or older in this calendar year must take a Required Minimum Distribution (RMD) from their IRA by December 31st.  There is a 50% penalty tax for forgetting this provision.  The only exception to this rule is the first year you turn […]

Convert Your Personal Vehicle to Business and Deduct up to 100 Percent

THE WHALEN GROUP Tax-Saving Tips August 2018 Convert Your Personal Vehicle to Business and Deduct up to 100 Percent You probably like your personal vehicle just as it is. But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions, immediately. And the Tax Cuts and Jobs Act gives you […]

Drive Time Increases Odds of Deducting Rental Property Losses

THE WHALEN GROUP Tax-Saving Tips October 2018 Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need […]

New IRS 199A Regulations Benefit Out-of-Favor Service Businesses

THE WHALEN GROUP Tax-Saving Tips September 2018 New IRS 199A Regulations Benefit Out-of-Favor Service Businesses If you operate an out-of-favor business (known in the law as a “specified service trade or business”) and your taxable income is more than $207,500 (single) or $415,000 (married, filing jointly), your Section 199A deduction is easy to compute. It’s […]

Client Tax Letters

May 2018 June 2018 July 2018