Tax Savings Tips July 2020

THE WHALEN GROUP Tax-Saving Tips July 2020 Government Clarifies PPP Loan Forgiveness for the Self-Employed We now have both the new clarity and an easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. New Easy Road to 100 Percent Forgiveness Say thanks to the Paycheck Protection Program Flexibility Act […]

Tax-Saving Tips May 2020

Self-Employed with No Employees? Get Your COVID-19 Cash Now Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.” It’s […]

Tax Saving Tips March 2020

At the end of this letter is a reprint of the Committee on Finance Report, Stimulus Package Outline, Chairman Chuck Grassley Use Your Business to Maximize Charitable Donations Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, […]


Tax-Saving Tips January 2020 Congress Reinstates Expired Tax Provisions Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead provisions retroactively to January 1, 2018. That’s good news. The bad news is that […]


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 […]