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How Are Qualified and Ordinary Dividends Taxed?
The tax treatment of dividends in the U.S. depends on whether the Internal Revenue Code classifies them as "qualified" or "ordinary." Qualified dividends are taxed at the same rates as long-term capital gains; these rates are lower than ordinary income tax rates and,...
Use a Single-Member LLC as a Tax-Smart Real Estate Ownership Vehicle
Single-member LLCs are limited liability companies with only one member (owner). They have become popular for business and investment activities. Should you use a single member LLC as a real estate ownership vehicle? That might be a very good idea. This blog post...
S Corporation Owner Health Insurance 101
If you own more than 2 percent of an S corporation, you need to follow three steps to deduct your health insurance premiums. Step 1. Get the cost of the insurance on the S corporation’s books. To do this, the S corporation first establishes a health insurance plan for...
Roth IRA Under the New Tax Act: The Backdoor Is Still Open
As you likely know, 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. Eligible individuals can now contribute a total of $6,000 ($7,000...
LLC Operating Agreements—Why You Must Have One.
Two important objectives of business owners like you are liability protection and favorable tax treatment. Unfortunately, the two don’t co-exist in most types of business entities. For example, C corporations provide liability protection for all shareholders but...
Make the RMD from Your Traditional IRA Tax-Free
Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the RMD...
Beware: IRS Error in Rental Property Deduction Publication
Here’s a heads-up on mortgage insurance. Personal Residence Mortgage Insurance The deduction for mortgage insurance on a qualified residence ended on December 31, 2017. But don’t give up on the deduction. The personal residence mortgage insurance deduction is part of...
New Reasons for Accountable Plan Expense Reimbursements
For 2018-2025, the Tax Cuts and Jobs Act (TCJA) eliminates itmeized deductions for employees who incur unreimbursed expenses for company business. Failure to use an accountable plan for your employee expense reimbursements (including yourself if you operate as an S -...
Roth IRA versus Traditional IRA: Which Is Better for You?
Roth IRAs tend to get a lot of hype, and for good reason: because you pay the taxes up front, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free. While we like “tax-free” as much as the...
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The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.