Health Insurance/Medical Sharing: This post reviews options I approve of. Health costs and insurance are out of control in the United States. There are solutions for those willing to look. If you are interested in Medical sharing I recommend the following:
Medi-Share: The cost of medical sharing solves many problems. It replaces health insurance and satisfies tax rules so you avoid penalties. Used with the next two recommendations lowers the cost even more. (This is an affiliate link.)
amino: amino (company doesn’t capitalize their name) compares medical costs across the U.S. By comparing costs and quality you can make better health care decisions. A must for anyone with a high deductible health insurance plan. Not an affiliate.
Take Command Health: Take Command Health’s program allows many small business owners and those with side gigs to deduct most medical costs.
DIY Tax Preparation: Clients and readers are sometimes confused when I tell them they should prepare their own tax return. The truth is it’s an honest answer. Some people need consulting, other professional preparation services. However, with modern technology, many people are completely capable of handling their own tax return filing accurately. Saving some coin isn’t bad either. The banner below is a link to what I consider the best online filing program. It also happens to be the same software I use in my office. Some online tax software is a watered down version. I can only recommend a commercial grade program like the one below. For disclosure, my practice receives compensation if you use the link below to file your return. Kicking the tires is always free.
Amazon: Amazon sells just about everything known to man. Starting your shopping trip here to save money:
Personal Capital: Monitor your wealth for maximum accumulation.
CalyxInstitute.org: When I wrote the original post I recommended Calyx for this service, but readers soon clued me in on 4GCommunity.org with the same exact product for a fraction of the cost. High speed portable Wi-Fi is a must for travelers. Living in the backwoods means our internet quality is terrible and expensive. This portable hi-speed internet is a godsend.
I opted for 4GCommunity.org in the Accountant household, but 4GCommunity has since gone out of business and I switched to Calyx with no problems. Both organizations offer their portable Wi-Fi hotspot with unlimited usage. We stream Netflix and YouTube videos all the time without issue. As a bonus we can take our Wi-Fi with us on the road! Neither this blog, nor I receive any compensation from Calyx or 4GCommunity.org. I checked to see if they had an affiliate program. They don’t. Regardless, this is one of the most useful devices I own. (It works great on the road with your cell phone, too. No more using data on your phone.)
SoFi has turned into a leader in the student loan refinancing arena with low rates for students of leading colleges. (They also refinance Parent Plus loans.) Mortgages and personal loans are also available.
Payroll Services: Small businesses can outsource their payroll and avoid all the complicated hassles involved with the payroll process. Even your favorite accountant outsourced the payroll in his practice to free time to serve clients better. I worked with ADP, the nation’s largest payroll firm, to build a dedicated team to serve your needs, including the tax strategies you see in this blog. Contact Erika Ramsay by email (Erika.Ramsay@adp.com) or call him at 920-205-6282 to get started. Mention The Wealthy Accountant and receive special discounts on your services. I’ll be adding a banner soon where you can do all this online and privately if that is your preferred method. Finally, you can read my post on the topic here. (TWA receives compensation from ADP if you become an ADP client through this blog.)
Intentionally left blank for a developing project.
Manufactured Spending: Top Cash Back (affiliate link) has a unique program where you can buy American Express and Visa gift cards and get cash back. Buying a gift card frequently has fees attached and this case is no different. However, in this instance the cash back covers most, or all, of the fee. Read the original post here.
Cost Segregation Study: If you own rental real estate or real estate in your business you need to consider a cost segregation study. Property purchased for $250,000 or more is likely to benefit from a cost seg study. Additions or remodeling also work. The tax benefits of a cost segregation study could put $100,000 or more into your pocket. Read two articles I published on the program (Get a $100,000 Gift from the IRS using Cost Segregation and Applying Cost Segregation on a Tax Return) and then contact Randy Leppla at Equity Solutions. Mention The Wealthy Accountant and receive $100 or 5% (whichever is greater) off the cost of the study. You can reach Randy at 608-852-6772 or email@example.com.
You are not alone on this journey either. Randy works closely with me on all cost segregation studies from this blog. With your permission, Randy forwards a copy of your estimated benefits and later the completed study for my personal review. There is backend support for your tax accountant if needed, as well. An estimate of the tax savings is always free so contact Randy if you own real estate. It could be worth a lot of money to you. (Note: TWA receives compensation from Equity Solutions.)
Business Entity Setup: A simple idea commonly used in the accounting field created a stir and put me in the spotlight, bringing this blog into existence. Mr. Money Mustache heard me speak on the topic and hired me on the spot. One of the first articles published on this blog explains how your business or side gig can save big on taxes by organizing as a LLC treated as an S corporation.
You can organize your own corporation or LLC at a very low cost online using The Corporation Company. It’s easy to do and there is plenty of support if you have an issue. (TWA receives compensation from The Corporation Company.)
Side Hustle Selling tradelines yields a high return compared to time invested, as much as $1,000 per hour. The tradeline company I use is Tradeline Supply Company. Let Darren know you are from The Wealthy Accountant. Call 888-844-8910, email Darren@TradelineSupply.com or read my review.
Intentionally left blank.
Intentionally left blank.
If you see any articles where I recommend a service or product but forgot to add here, send me a note using the Contact button. I’ll get right on it.