Archive for May, 2019

Q & A and Tips on Accounting, Taxes and Personal Finance.
Deduct Your Costs of Sponsoring Sports Teams

Deduct Your Costs of Sponsoring Sports Teams

Have you wondered what it takes to deduct the costs of sponsoring a sports team? What if you play on the team? Could you pay for the team travel expenses? Revenue Ruling 70-393 states that the monies spent to outfit and support a sports team are similar to monies spent on other methods of advertising; […]

May 19, 2019 | By More
Backdoor Roth IRA

Backdoor Roth IRA

Good news. The Tax Cuts and Jobs Act (TCJA) did not harm the backdoor Roth strategy. The Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front and then, with the proper holding period, pay no taxes after that. But if you earn […]

May 14, 2019 | By More