Greed or Goodwill: Your Makes a Scam Loss Deductible
Scams are incredibly common. According to recent Federal Trade Commission data, consumers reported losing more than $12.5 billion to fraud in 2024. They reported losing more money to **investment scams—$5.7 billion—**than any other category. Older people are particularly prone to being scammed. If you’re the victim of a scam, can you deduct your losses as […]
Introducing the 360° Tax & Financial Health Checkup: Your Personalized Roadmap to Financial Clarity & Confidence
By Anil Grandhi | CEO of AG FinTax | Forbes Finance Council Member Are you sure your financial plan is working as hard as you are? Or could hidden gaps be costing you more than you realize? At AG FinTax, we go beyond basic numbers. Our 360° Tax & Financial Health Checkup is designed to […]
Avoid Unwanted Partnership Tax Status: Elect Out
If you’re involved in a real estate or investment venture with one or more other parties—perhaps co-owning property or collaborating on a business project—you might think you’re simply sharing ownership. But the IRS may see it differently. Without proper precautions, your arrangement could be classified as a partnership for federal tax purposes, triggering filing requirements […]
Protect Yourself: Digitize Tax Receipts
When it comes to IRS audits, one of the most common reasons taxpayers lose deductions is the lack of proper documentation. While your credit card or bank statements prove you spent money, they don’t show what you purchased. Without supporting receipts or invoices, these records are considered “naked”—and during an audit, that’s a problem. To […]
Beat the Taxman: Use the Tax Code–Created QCD to Kill Your RMD
If you have one or more traditional IRAs and are age 73 or older, you’re probably familiar with three of the most dreaded letters in the tax world: RMD, short for required minimum distribution. Starting the year you turn 73, the IRS requires you to withdraw a certain amount from your traditional IRAs annually. This […]
Solo Biz Owner? No Employees? Is the Mega Backdoor Roth for You?
If you are a business owner with no employees and prefer Roth-style retirement savings, you may want to consider the mega backdoor Roth strategy. This powerful tool allows you to contribute significantly more to a Roth account than the standard Roth IRA or even the regular backdoor Roth route—up to $70,000, or $77,500 if you’re […]
Backdoor Roth IRA Conversions: Smart Move or Hidden Tax Trap?
If you’ve ever wondered how to get more money into a Roth IRA despite income limits, the backdoor Roth IRA conversion strategy may have caught your attention. It’s a smart planning tool for high-income earners—but only when used with care. First, a quick refresher: Roth IRAs offer two powerful benefits—tax-free withdrawals in retirement (if you […]
Beat the Estimated Tax Penalty with Strategic Withholding
If you’re making quarterly estimated tax payments, missing a deadline can be costly. The IRS currently charges a 7 percent penalty for underpayments—and since penalties aren’t deductible, the real cost can feel closer to 11 percent. But here’s good news: strategic withholding can often help you avoid or erase those penalties—even late in the year. […]
Wildfires, Floods, Hurricanes: How the IRS Has You Back
Disasters are all over the news these days. Severe calamities that cause widespread damage, such as large wildfires, floods, hurricanes, and earthquakes, ordinarily result in a disaster declaration by the U.S. president. There’s nothing good about a disaster, but at least the tax law can help disaster victims in various ways. And recent changes […]
The Way to Ask You C or S Corporation for Travel Reimbursements
Here’s a short note on your payments of corporate expenses. Your Corporation is a Separate Legal Entity As a business owner operating through a corporation, you need to remember that the corporation is a distinct legal entity separate from you. Avoiding Costly Mistakes If you incur expenses related to business travel, meals, lodging, or mileage […]
The Best Sole Proprietorship Retirement Plans to Reduce Your 2024 Tax Bill
Are you looking for ways to reduce your 2024 tax bill while securing your financial future? Setting up a self-employed retirement plan could be your solution—and it’s not too late! You have several options that can provide significant tax savings, including the following: SEP-IRA. Simple to set up and allows contributions of up to $69,000 […]
IRS Incorrectly Disallows $120,000 Tesla Model X Tax Write-Off
Did you purchase a 2022 Tesla Model X (or a similar vehicle) and claim 100 percent bonus depreciation on your 2022 tax return? If so, you should know that the IRS has incorrectly disallowed these deductions, arguing that the Model X is a passenger automobile subject to luxury auto depreciation limits. In a case we […]