Ready to Advise strategies
The Ready to Advise strategy list shows you the name, entity type, summary, and launch date for each tax-saving strategy we currently support. We'll keep adding new strategies and updates to help you save your clients even more on taxes. Any new additions will be marked as
New
so you can spot them easily.important
This strategy library is exclusively for Ready to Advise subscribers. Don’t distribute this document outside your organization.
Ready to Advise strategy list
Entity | Strategy Title | Summary | Date Launched |
|---|---|---|---|
1040 | NEW: Gifting to Family Members | The gifting to family members strategy helps clients transfer wealth efficiently while minimizing federal gift, estate, and generation-skipping transfer taxes through structured lifetime and testamentary gifts. | November 5, 2025 |
1040 | NEW: Choosing When to Claim Social Security Retirement Benefits | Optimizing the timing for claiming Social Security retirement benefits can significantly increase monthly and lifetime income while enhancing tax efficiency and retirement security. | November 5, 2025 |
1040 | NEW: Qualified Tip Income Deduction | The Qualified Tip Income Deduction strategy helps maximize the $25,000 annual deduction on qualified cash tips through strategic timing, documentation, and compliance for tax years 2025–2028. | November 5, 2025 |
1040 | NEW: Qualified Overtime Premium Pay Deduction | The Qualified Overtime Premium Pay Deduction strategy lets eligible workers deduct up to $12,500 annually ($25,000 for joint filers) on qualified overtime premium pay for tax years 2025–2028. | November 5, 2025 |
1040 | NEW: Maximize State and Local Tax (SALT) Deduction | Maximize the federal State and Local Tax (SALT) deduction by using temporary increases to the SALT cap, managing Modified Adjusted Gross Income (MAGI), bunching itemized deductions, and utilizing Pass-Through Entity Tax (PTET) elections where available. | November 5, 2025 |
1040 | NEW: Conservation Easement Planning | A property owner can donate development rights through a conservation easement to a qualified organization, achieving conservation goals and qualifying for charitable tax deductions if IRS requirements are met. | November 5, 2025 |
1040 | NEW: Avoid Hobby Loss Treatment | This strategy helps ensure a client’s activity is recognized as a bona fide trade or business rather than a hobby. This classification maximizes tax benefits and avoids the deduction limitations imposed by the IRS on hobby activities. | November 5, 2025 |
1040 | NEW: Donor-Advised Fund (DAF) | A donor advised fund (DAF) lets taxpayers contribute, receive an immediate tax deduction, and recommend grants to qualified charities over time. | November 5, 2025 |
1040 | NEW: Invest in Qualified Small Business Stock (QSBS) | The Qualified Small Business Stock (QSBS) strategy enables eligible investors to exclude potentially up to 100% of capital gains from qualified stock sales under IRC Section 1202. | November 5, 2025 |
1040 | NEW: Section 121 to Exclude Gain on Sale of Residence | Section 121 lets eligible taxpayers exclude up to $250,000 ($500,000 for joint filers) of capital gains from selling their primary residence without requiring reinvestment. | November 5, 2025 |
1040 | NEW: Deduct Startup and Organizational Costs | Maximize tax savings for new businesses by identifying, deducting, and amortizing eligible startup and organizational costs in accordance with IRS rules. | November 5, 2025 |
1040 | NEW: Installment Sale Tax Deferral | An installment sale lets taxpayers defer capital gains tax by spreading the gain over multiple years as payments are received, rather than recognizing it all at once. | November 5, 2025 |
1040 | NEW: Invest in Qualified Opportunity Funds | An investment in a Qualified Opportunity Fund (QOF) lets taxpayers defer and potentially eliminate capital gains tax by reinvesting gains into funds supporting economic development in underserved communities. | November 5, 2025 |
1120-S | Implement a Cafeteria Plan | A Section 125 cafeteria plan allows employers to provide employees with pre-tax benefits, including health insurance, flexible spending accounts, and other qualifying expenses, which can help lower employees' taxable income and reduce employers' payroll tax liabilities. | September 15, 2025 |
1040 | Understanding Tax Considerations of Digital Asset Investment | This involves gaining understanding and planning for the tax implications of investment in digital assets. | September 8, 2025 |
1040 | Annual Backdoor Roth IRA | The Backdoor Roth IRA strategy lets high-income individuals who exceed direct Roth IRA limits achieve tax-free growth by making nondeductible traditional IRA contributions and converting them to a Roth IRA. | August 29, 2025 |
1040 | Qualified Charitable Distributions | Individuals age 70½ or older can make tax-free charitable contributions directly from their IRA through a Qualified Charitable Distribution (QCD), satisfying required minimum distributions while receiving immediate tax benefits. | August 26, 2025 |
1040 | Net Investment Income Tax (NIIT) Considerations | This strategy considers Net Investment Income Tax (NIIT) and the sources of Net Investment Income impacting the taxpayer. | August 20, 2025 |
1040 | Charitable Giving | Design and implement a charitable giving plan that aligns with the client's philanthropic goals, maximizes tax benefits, and provides ongoing adaptability to changing circumstances. | July 15, 2025 |
1040 | Digital Asset Gain & Tax Minimization | This strategy is for clients who are currently, or are soon to be, invested in digital assets. It involves planning for, and potentially reducing, the tax implications. Also discussed are the compliance implications of digital asset transactions. | November 5, 2025 |
1040 | Health Savings Account (HSA) Contributions | Decrease taxable income by setting up an HSA and maximizing deductible contributions. | July 15, 2025 |
1040 | Maximize Individual Retirement Plan Contributions | This strategy optimizes retirement contributions to 401(k) plans and IRAs to improve tax efficiency, boost savings, and strengthen future financial stability. | July 15, 2025 |
1040 | Minimize PAL Limitations for Rental Real Estate | This strategy benefits clients who can free up passive activity losses by reducing their MAGI to less than $150,000 ($75,000 if married filing separately). | July 15, 2025 |
Sch F | NEW: Farm Income Averaging | Elect to tax a portion of farming income at the marginal rates relevant to the prior 3 years. | November 5, 2025 |
1040 | Pay Off Debt Strategically | Strategic debt repayment involves systematically evaluating, prioritizing, and paying off personal debts to minimize interest costs, improve financial stability, and support long-term financial goals. | July 15, 2025 |
1040 | Real Estate Professional Status Consideration | This strategy determines if the client qualifies as a real estate professional, identifies which activities qualify, and evaluates whether claiming this status is beneficial. | October 7, 2025 |
1040 | Roth IRA Conversions | Roth IRA conversions let individuals transfer traditional IRA funds to a Roth IRA, enabling tax-free growth and withdrawals in retirement by paying taxes on the converted amount upfront. | July 15, 2025 |
1040 | Saving for College | Implementing tax-efficient college savings planning through vehicles like 529 Plans, Coverdell ESAs, and Roth IRAs enables families to maximize education savings while minimizing tax liabilities. | July 15, 2025 |
1040 | Strategic Retirement Account Withdrawals | This strategy delays withdrawals from tax-deferred accounts (traditional IRAs and 401(k)s) to maximize tax-deferred growth while prioritizing Roth account withdrawals for tax-free distributions, optimizing retirement income, and tax efficiency. | July 15, 2025 |
1040 | Tax Loss Harvesting | This strategy involves selling investments at a loss to offset capital gains from other profitable investments. | July 15, 2025 |
1040 | Augusta 14-day Rule | The Augusta 14-day Rule lets homeowners rent out their personal residence for up to 14 days per year and exclude all rental income from their taxable income, regardless of the amount received. | August 15, 2025 |
Sch C | Deducting Mileage and Vehicle Expenses | Deducting mileage and vehicle expenses lets self-employed taxpayers reduce taxable income by claiming business-related vehicle costs using either the Standard Mileage Rate or Actual Expense Method. | July 15, 2025 |
1040 + Sch C | Form an S Corporation for Tax Savings | This strategy can generate tax savings for profitable sole proprietorships, especially in the self-employment tax area. | July 15, 2025 |
Sch E | NEW: Grouping Activities to Minimize Passive Losses | Grouping activities lets clients treat multiple passive ventures as a single activity for tax purposes, potentially converting passive losses into deductible nonpassive losses. | November 5, 2025 |
Sch C | Hire Family Members | Hiring family members to work in a Schedule C business can generate significant tax savings by reducing taxable income while providing legitimate employment opportunities within the family. | July 15, 2025 |
Sch C | Home Office Deduction | Claim the home office deduction to lower the overall tax liability. | July 15, 2025 |
Sch C | Optimizing Employee Health Benefits for Sole Proprietorship | Optimizing employee health benefits for self-employed Schedule C filers involves selecting tax-advantaged health plans and/or Health Reimbursement Arrangements (HRAs) to maximize coverage and deductions. | July 15, 2025 |
Sch C + 1120-S | NEW: Qualified Production Property Expensing | IRC Sec. 168(n) lets businesses in manufacturing, production, or refining fully expense qualifying nonresidential real property with a 100% first-year depreciation deduction. | November 5, 2025 |
1040 + Sch C | Optimizing Self-employed Health Insurance Deduction | Optimizing employee health benefits for self-employed Schedule C filers with no employees involves selecting and implementing a tax-advantaged health plan to maximize health coverage and allowable deductions. | July 15, 2025 |
1040 + Sch C | Planning for the Sale of a Sole Proprietorship | This strategy covers the aspects of planning for and reporting the sale of a sole proprietorship. | October 6, 2025 |
1120-S | NEW: Provide Fringe Benefits for S Corp Employees | Implementing a fringe benefit strategy for S corporation employees involves providing tax-favored non-cash benefits to enhance employee satisfaction and achieve tax savings for both the corporation and its staff. | November 5, 2025 |
1120-S | NEW: Research and Experimental (R&E) Expensing | Implement Section 174A by either immediately deducting or electing to amortize current-year domestic research and experimental (R&E) expenses. | November 5, 2025 |
1120-S | NEW: Recovering Domestic R&E Expenditures for 2022–2024 | Implement IRC Sec. 174A’s rules for domestic R&E expenditures by applying transition relief to 2022–2024 amounts, amending returns as needed, and coordinating with Section 280C and the filing procedures outlined in Rev. Proc. 2025-28 to optimize cash flow and ensure tax compliance. | November 5, 2025 |
1120-S | NEW: Paid Family and Medical Leave Credit | Implement an employer-paid family and medical leave policy that meets IRC Sec. 45S standards to generate a nonrefundable general business credit based on qualifying wages paid during FMLA‑purpose leave while strengthening workforce policies and documentation. | November 5, 2025 |
1120-S | NEW: Dependent Care Assistance Program (DCAP) | A Dependent Care Assistance Program (DCAP) under IRC Sec. 129 enables employers to provide employees with tax-free reimbursement for qualifying dependent care expenses, offering significant tax savings and enhanced employee benefits. | November 5, 2025 |
1120-S | NEW: Work Opportunity Tax Credit (WOTC) | The Work Opportunity Tax Credit (WOTC) is a federal tax incentive that provides employers with credits against income or payroll tax liability for hiring individuals from 10 designated targeted groups who face significant barriers to employment. | November 5, 2025 |
1120-S | NEW: Implement an Accountable Plan | An accountable plan provides a tax-compliant method for reimbursing employees for business expenses without increasing their taxable income, while letting employers deduct those expenses and reduce payroll tax obligations. | October 31, 2025 |
Sch C + Sch F | Self-employed Retirement Plan Contributions | This strategy enables self-employed individuals to enhance their retirement savings through SEP IRAs, SIMPLE plans, and 401(k) profit-sharing plans, optimizing their tax situation, and securing future financial stability. | July 15, 2025 |
Sch C + Sch F | Shifting Income and Expenses/Timing | This strategy aims to reduce an individual's or a family's overall tax liability by strategically shifting income and/or expenses to other years. | July 15, 2025 |
1040 | Section 199A Qualified Business Income (QBI) Deduction | This strategy explores ways to minimize the impact of the wage/investment and SSTB limitations on the QBI deduction. | July 15, 2025 |
1120-S | Entity Conversion Consideration | Consider conversion from an S-Corp to a C-Corp, Schedule C, or LLC. | July 15, 2025 |
1120-S | Exit and Succession Planning | Exit and succession planning for S corporations involves developing and implementing a comprehensive plan to transfer business ownership and management in a way that meets the owner’s personal, financial, and legacy goals while minimizing tax and operational risks. | July 15, 2025 |
1120-S | Like-kind Exchange Tax Deferral (Section 1031) | A like-kind exchange (Section 1031 exchange) lets taxpayers defer capital gains tax on the sale of real property by exchanging it for other qualifying real property used for business or investment purposes. | July 15, 2025 |
1120-S | Maximize S-corp Retirement Plan Contributions | This strategy enables S corporations to enhance retirement savings for shareholders and employees by employing retirement plans such as SEP IRAs, SIMPLE IRAs, and 401(k) profit-sharing plans, while understanding contribution limits and tax implications. | July 15, 2025 |
1120-S | Optimize Debt Financing | Strategic debt optimization for S corporations enhances financial stability and growth by employing tax efficiencies, increasing shareholder basis, and optimizing capital allocation for maximized shareholder value. | July 15, 2025 |
1120-S | Optimize Depreciation - Cost Segregation Study | A cost segregation study reclassifies components of real property into personal property categories to accelerate depreciation deductions, maximizing tax savings. | July 15, 2025 |
1120-S | Optimize Owner Compensation | This strategy involves strategically balancing a shareholder-employee's salary and distributions to ensure regulatory compliance, minimize payroll taxes, and enhance overall financial efficiency for both the business and shareholders. | July 15, 2025 |
1120-S | Research and Development (R&D) Credit Expansion | The Research & Development (R&D) Credit Expansion strategy enables flow-through businesses to reduce their tax liability by identifying and claiming tax credits for qualified research activities and expenditures. | July 15, 2025 |
1120-S | Shift Income to Family Members | This strategy aims to reduce an individual's or a family's overall tax liability by strategically distributing income among related taxpayers, typically within the same family or business. | July 15, 2025 |