Bill Bischoff
Moneyish
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Past articles by Bill:
How to save a bundle on your tax return
IRS tax planning just got a lot more lucrative. Here are simple ways to lower your tax bill that may be too easily overlooked. → Read More
What smart strategies can lower your tax bill as year-end approaches? Read this before making any tax moves.
It appears that there won’t be any significant tax increases that will take effect this year or next year -- that's good news for taxpayers. → Read More
Will the Inflation Reduction Act help middle-class tax payers?
The Inflation Reduction Act gives the IRS $79.6 billion over 10 years, and $45.6 billion of that would be directed towards enforcement. → Read More
Didn’t win the Mega Millions jackpot? You still need an estate plan — here's what to do
Don’t fixate on the whopping big federal estate tax exemption The vast majority of folks are not currently exposed to the federal estate tax, thanks to today’s ultra-generous $12.06 million exemption for singles — or effectively $24.12 million for married couples. That’s good, but being exempt from the federal estate tax is not the end of the story. If you have minor children and some assets… → Read More
What are the best tax breaks for self-employed people?
Here's how self-employed folks can cash in on three valuable federal income tax breaks. → Read More
Should I try to sell my home or keep it and rent it out?
You have options, but understand the tax issues. → Read More
How will inflation affect your Social Security tax bill? It's not pretty
The Social Security tax gets little attention, but it can be a lot bigger than you think. → Read More
How small business owners can maximize a potentially lucrative tax break
The Qualified Business Income (QBI) deduction is available to eligible individuals through 2025 and it can be a big tax saver. → Read More
What will inflation do to next year’s tax brackets and why should I care?
Inflation has a silver lining, because it may give you an unexpected 'tax cut' in 2023, in a way. → Read More
Common IRA rollover tax traps — and how to avoid them
It’s way too easy to run afoul of punitive tax rules when you do an IRA rollover. → Read More
I need cash. How bad is it to take money out of my IRA?
Here are the 10 exceptions that allow penalty-free early IRA withdrawals. → Read More
Selling a vacation home that's gone up in value? A Section 1031 exchange is one way to avoid a tax hit
A Section 1031 exchange lets owners unload property while limiting the tax impact, but it may take some time to make it work. → Read More
Selling a vacation home that's gone up in value? A Section 1031 exchange is one way to avoid a tax hit
A Section 1031 exchange lets owners unload property while limiting taxes, but it may take some time to make it work. → Read More
Hiring your kids to work at the family business is a tax-smart move — for you and them
In some cases, your child will owe nothing to the feds on the first $12,950 of wages. → Read More
Can I deduct my casualty loss if my house was damaged by a natural disaster?
Maybe. But you could have an unexpected tax gain instead. → Read More
I’ve had crazy swings in my investments this year. What’s the tax impact?
Keep your wits about you, and watch out for the ‘wash sale’ rule. → Read More
I’m newly self-employed. Should I open a health savings account?
If you’re eligible, a health savings account is pretty much a no-brainer. → Read More
Do I owe self-employment taxes if I'm a member of a limited liability company?
The question of whether LLC members pay self-employment taxes is a tricky one, and Tax Guy is here to guide you. → Read More
I had to sell my home after less than 2 years. Can I still qualify for a capital gains exclusion tax break?
Yes, you might qualify for a reduced exclusion that would be much better than no exclusion at all. Here's how. → Read More
Buying a home usually delivers some tax savings — but maybe not as much as you hoped
New home owners qualify for several tax breaks, but they may overestimate how much they'll benefit. → Read More