High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT This tax applies, in addition to income tax, on your net investment income. The NIIT …
Is your income high enough to owe two extra taxes? Read More »
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the …
Inflation Reduction Act provisions of interest to small businesses Read More »
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that may be of interest to individuals. Nonbusiness energy property Before the IRA was …
The Inflation Reduction Act: what’s in it for you? Read More »
Many contractors prioritize business financial management over personal wealth management. It’s an easy trap to fall into given how competitive the construction industry can be. Let’s discuss some ways to manage your wealth while you run your business. Separate the two Owning a construction company and managing personal wealth should be two separate but equal …
Manage your construction business … and your wealth Read More »
Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg. …
Self-employed? Build a nest egg with a solo 401(k) plan Read More »
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you …
Home sweet home: Do you qualify for office deductions? Read More »
