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Congress Keeps Passing Stealth Tax Increases: Secure Act

Congress has been getting better at hiding tax increases on the middle class the past decade or so. The Secure Act, and to a lesser extent Secure Act 2.0, are prime examples of how Congress saddled the middle class with higher taxes under the guise of providing better opportunities in retirement planning.

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10 Things You Can’t Write Off on Your Taxes, Maybe

Behind every “Thou shalt not deduct” is a hint of deductibility. In taxes nothing is an absolute. The cookie-cutter response to a question is the easiest answer to save time and is usually right. But a bit of planning can turn those “no deduction” answers into, “Yes, you may deduct that.”

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Infinite Banking Concept Without Life Insurance

When people have infinite banking explained to them for the first time it seems like a magical and risk-free way to grow wealth. The idea of replacing the hated bank with borrowing from yourself makes so much more sense. But it does require replacing the “hated” bank for the “hated” insurance company.

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Should I Find a New Accountant?

Level of expertise: No single accounting or tax professional can know everything in the field. Sometimes they need to call in a specialist or tag-team with another professional to perform their duties at the highest level. This is not incompetence; it is professional responsibility. If you have a complex issue, do not feel bad if your accountant needs help on that project. For the record, I often consult other professionals when writing posts for this blog. It is often a reason why I don’t publish more. I like to cover as many bases as possible.

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Worthless Crypto Tax Deduction

When a cryptocurrency becomes worthless it isn’t treated the same as a worthless security on a tax return. As an asset, it needs to be sold before a loss is allowed. There are two ways you can get a tax deduction for worthless and nearly worthless crypto. We will discuss both methods (sale of asset and abandonment) below and the associated risks.

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