Megan McGinnis' Blog–Get Connected!

Wall Street Journal Names Top 5 Tax Blogs

Wall Street Journal Names Top 5 Tax Blogs
For tax help consult these tax experts:
1. TaxProf Blog: Penned by Paul Caron, a law professor at the University of Cincinnati, this blog offers a diverse menu of industry news, event updates from coast to coast, and stories worth a second glance.
2. Tax Policy Blog (Tax Foundation)
3. Don’t [...]

Real Estate Professional Status as viewed by Uncle Sam

Real Estate Professional Status as viewed by Uncle Sam

The IRS started challenging the real estate professional status over two years ago. Since then, we’ve seen a lot of audits, unfavorable audit results and a few court cases.
The real estate professional status allows taxpayers to take full advantage of real estate losses against other income. Without [...]

Real Estate Investors Disappointed by New Home Buyer Tax Credit

Real Estate Investors Disappointed by New Home Buyer Tax Credit
If you are a real estate investor and were hoping, like me, that the new credit would offer benefits to investors, you will be sorely disappointed, like me.  However, it does make it easy to sell your properties on land contract and help you “cash in” [...]

To Pay or Not to Pay Taxes – The Debate Over Roth IRA Conversion Rages

To Pay or Not to Pay Taxes – The Debate Over Roth IRA Conversion Rages

My associate Amanda Han introduced this topic on converting to a Roth IRA but I think it’s compelling enough to examine in more detail.  This is an opportunity for many people to pay taxes on the “penny seed” instead of the [...]

Is Your Company a Hobby or a Business?

Is Your Company a Hobby or a Business?
Amanda Han is going to guide us through the IRS’ definition of what constitutes a legitimate, tax-paying business.  This is really key for tax purposes and these tax tips will help you decide what you are.  The lines can sometimes be unclear and that too can be a [...]

Real loopholes to obtain tax free distributions from your retirement accounts?

Real loopholes to obtain tax free distributions from your retirement accounts?
Retirement planning is an important facet to your overall portfolio strategy.  Without proper tax & distribution information, you could over pay or be penalized on your actions.  If you’d like to take advantage of these loopholes, seek a professional who has experience in qualified plans.  [...]

Client Made a 401K Withdrawal–Uninformed Realtor Causes Client to Pay $15,000 in Unnecessary Taxes

Client Made a 401K Withdrawal–Uninformed Realtor Causes Client to Pay $15,000 in Unnecessary Taxes
I was sitting in the sauna a few weeks back, chatting with a fella who had just liquidated his 401k because he was sick and tired of the performance and so he decided to take action and buy an income property to [...]

Retirement Plans make Great Deductions for Employers

Retirement Plans make Great Deductions for Employers
They key to having your own business is maximizing your deductions and one of the best ways to do that is to create a retirement plan for your employees.  Here’s what Amanda has to say on the topic…..Enjoy, Megan.
Amanda Han’s Keystone Korner

For the past several weeks, we have been [...]

Deadlines for Creating Retirement Plans in your Business

Deadlines for Creating Retirement Plans in your Business
As a small or large business owner, you may be wondering if you can get a company-wide retirement plan together in time for this year or for next and what the deadline is.  Here are some ideas on that from my favorite tax gal, Amanda Han.  Thanks for [...]

Forming a Retirement Plan within Your Business

Forming a Retirement Plan within Your Business
When creating your business entity, the question of retirement planning comes in to play as well.  Young professionals don’t always think this long-term but it’s good business.  This first article is a brief intro on the 4 types of plans available to business owners.  The following articles will go [...]