KJ Financial Newsletters
10 Tax Deductions You Might Be Missing
From unreimbursed medical expenses to student loan interest, the IRS offers a range of tax breaks that often go unclaimed. If you're self-employed, you might be overlooking the home office deduction or vehicle expenses. Educators get a classroom expense deduction, and job seekers can write off certain employment-related costs. Even charitable donations, out-of-pocket for volunteering, can be deducted.
LLC vs S-Corp: Which is Right for You?
An LLC is simpler, offers flexibility, and limits liability—but you may pay more in self-employment taxes. An S-Corp allows you to split income into salary and dividends, potentially lowering your tax bill, but comes with stricter IRS requirements. Weigh the pros and cons based on your income, goals, and how you plan to grow.
Year-End Tax Planning Checklist
Before December 31st, max out retirement contributions, track business expenses, and review income to avoid surprises. Consider harvesting losses in your investments and donating to charity for deductions. Planning now helps you minimize your tax burden and boost your refund.
