Investing Your IRA/401k In Your Own Business?
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Over the years I have strongly urged our class attendees to run, not walk away from clients investing their IRA or 401k in a new business or franchise. Why? Although some of these investments are legal, many fail basic formation tests, and most fail IRS continuing compliance tests during business operation. What happens if the investment is not legal or does not comply with the formation or compliance rules? S
Form 1040, Schedule 3-A
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com On August 20th, the IRS released the draft version of new Form 1040, Schedule 3-A. It will be used to claim the earned income credit, the additional child tax credit, the refundable American Opportunity Credit and the refundable portion of the adoption credit.
The 2026 Doug LaMalfa Federal Disaster Tax Relief Certainty Act
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com The 2026 Doug LaMalfa Federal Disaster Tax Relief Certainty Act signed into law on September 11th 2026 changes qualified disaster tax treatment to Federally declared disasters if the incident period of the disaster with respect to which such declaration is made begins on or after December 28th, 2019, and before January 1st, 2027. The Act also excludes wildfire relief payment from income if declared after 12/31
Meal & Entertainment Deductions
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com
Charity-Donor Advised Funds
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Donor advised funds (IRC Sec. 4966) A donor-advised fund (“DAF”) is a charitable vehicle housed within a 501(c)(3) public charity that allows a donor to make a gift, take an immediate charitable deduction, and recommend, typically with strong persuasive authority, future grants made from funds in the DAF. Unlike private foundations that require a minimum annual distribution, a DAF has no distribution requireme
Secs. 1202 and 1244 Tax Benefits
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com
Business Pension Plans
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com
The Benefits of Being a Small Business
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com In layman’s terms nearly ½ of all non-government workers work in small business, and nearly ½ of our country’s economic output comes from small business. On a daily basis we see cities and states granting incredible tax benefits to large corporation. If you think about it, who is paying that subsidy? Small business, which gets no tax abatements, matching grants, gifts or government aid. Very few states offer a
1040 Schedule 1A
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com The One Big Beautiful Bill Act (OBBBA), Public Law 119-21, signed July 4, 2025, created four new above-the-line deductions for individual taxpayers, effective for tax years beginning after December 31, 2024, and expiring after December 31, 2028. Congress codified these deductions in new Internal Revenue Code sections §224 (qualified tips), §225 (qualified overtime), and new provisions under §163(h)(4) (vehicle
When Should I Draw Social Security
From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com The number one question in America regarding Social Security is “At what age should I sign up?” Bluntly, no one can answer that question except you. Your answer should be based on your analysis of the three factors that determine when you should draw: genetics; personal health; and financial need. The choice to draw at age 62 or waiting until 70 may be the wisest or worst financial decision you will ever mak
