Insights
Helpful resources for reducing your taxes
A Primer on the “Buy, Borrow, Die” Strategy
Insights | by Sharon Winsmith Just because you aren’t a billionaire doesn’t mean you can’t use the Buy, Borrow, Die Strategy too. This article provides an overview of the tax strategies used by the ultra-wealthy. Read more to find out...
The Wash Sale Rule and Tax Loss Harvesting for Crypto
Insights | by Sharon Winsmith While we wait out this prolonged bear market for crypto, it might be a good time to consider doing some tax loss harvesting before year-end. Tax loss harvesting might be a great way to reduce your taxes for...
SALT Tax Deduction
Insights | by Sharon Winsmith Recent changes to the state and local tax deduction (aka the SALT tax deduction) continue to be a hot topic for taxpayers in the U.S. There is now a $10,000 cap on the deduction for state and local...
Does Coinbase Report to the IRS?
Insights | by Sharon Winsmith Many make the mistake of thinking they don’t need to report crypto transactions on their tax returns because they think the IRS can’t find out about it. That is not the case in many circumstances! The IRS...
4th Stimulus Check Update
Insights | by Sharon Winsmith There has been a lot of buzz over the past few months about whether there will be a 4th stimulus check. The chances that you can expect another check from the government largely depend on where you...
How to Qualify for Real Estate Professional Tax Status
Insights | by Sharon Winsmith Many wealthy individuals have learned the secret of having real estate professional tax status. Being an active real estate investor is one of the best ways to build wealth while paying little to no taxes....
How to Maximize the Section 199A QBI Deduction
Insights | by Sharon Winsmith One of the best tax benefits available to business owners is the Section 199A QBI Deduction. The deduction is also available for certain types of investment income. The QBI Deduction can significantly...
11 Protective Asset Protection Strategies for Business Owners and Investors
Insights | by Sharon Winsmith Business owners and investors are constantly exposed to risks every single day. This is why a good protective asset protection strategy is critical to preserving your wealth.TABLE OF CONTENTS What is Asset...
Claiming the Home Office Deduction on Your Tax Return
Insights | by Sharon Winsmith The Home Office Deduction is one of the best deductions available for entrepreneurs. Whether you are a business owner, an active investor, or a freelancer, you may be able to claim the Home Office Tax...
How Much Should You Contribute to Your 401k or IRA?
Insights | by Sharon Winsmith If you find yourself asking how much should you contribute to your 401k or IRA, this article will give you some new insights you may not have heard before.TABLE OF CONTENTS 401ks and IRAs are Old News Tax...
The Key Members of a Wealth Management Team
Insights | by Sharon Winsmith Assembling a good wealth management team is a critical component to building wealth. One key aspect of making money is the relationships you have and the people with whom you surround yourself. If you are...
Overview of International Information Reporting Forms
Insights | by Sharon Winsmith There are a number of information reporting requirements for individuals and businesses with cross-border operations. Provided below is an overview of some of the key international information reporting...
9 Common Mistakes Owners Make in Structuring Their Businesses
Insights | by Sharon Winsmith One of the most important decisions a business owner will make is how to structure their business operations. Many business owners fail to recognize that the single largest expense for their business is...
7 Key Takeaways from President Biden’s Tax Proposals
Insights | by Sharon Winsmith On May 28, 2021, President Biden released new details about the administration’s tax proposals. We have provided below a brief overview of 7 key takeaways from the proposals that could have an impact on...
Not All Income is Equal
Insights | by Sharon Winsmith The tax laws were written to incentivize 2 primary goals: (1) creation of jobs and (2) investment of capital in a way that will benefit the U.S. economy.The vast majority of tax deductions and credits are...
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