BUSINESS TAX ISSUES Prepay Expenses Using the IRS Safe Harbor   You just have to thank the IRS for its tax-deduction safe harbors.  IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS, (IRS Reg. 1.263(a)-4(f).  […]

Tax Savings Tips October 2019

THE WHALEN GROUP Tax-Saving Tips October 2019 WHAT IS GROSS DOMESTIC PRODUCT (GDP)? –  The GDP represents the total dollar value of all goods and services produced over a specific time period. WHAT IS THE GDP OF THE UNITED STATES OF AMERICA? – The GDP for fiscal year ending September 30, 2018  was 20.5 trillion […]

Tax Savings Tips September 2019

Make the RMD from Your Traditional IRA Tax-Free Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the RMD tax bite, possibly […]

Tax-Saving Tips August 2019

THE WHALEN GROUP Tax-Saving Tips August 2019 How Much is One Trillion:  There are 60 seconds in a minute, that’s 3600 seconds per hour and 24 hours in a day, that’s 86,400 seconds in a day, 365 days in a year, that’s 31,536,000 seconds in a year.  Since the birth of Christ or since we […]

Tax-Saving Tips July 2019

THE WHALEN GROUP July 2019 Proven Tax Reduction Strategies for Sole Proprietors If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes. Let’s start with the following 10: Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C. Employ your […]

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, […]


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 […]