Well, do they or don’t they, actually? Long debated and often manipulated by the media, the topic of the wealthy and taxation has many, many complex points and counterpoints. First, when people say that, they often don’t define what kind of tax. The people hearing the comment usually go to federal personal income tax in [...]
An often overlooked tax planning opportunity comes from not fully understanding how you can use your cars as a deduction on your tax return. It is very common for people who have a Schedule C sole proprietor type business to claim their mileage on automobiles, but the privilege of using personal deductions on a tax [...]
It’s hard to be logical all the time about everything. The most financially successful tax clients we serve at least attempt to force themselves to be logical, for their own benefit. For instance, our parents, as well as a subset of the economy including some popular radio show based advisors like Dave Ramsey, say you [...]
Hey, it’s still summer outside, so no one wants to think about income taxes, right? We’re sorry, but it’s time, especially for businesses that are on extension for filing their 2020 returns. S Corp and Partnership returns must be filed by September 15th (check your state for disaster extensions) and that’s just a few weeks [...]
Have you worked toward losing weight in the past because you want to look more attractive, or fit into an expensive wardrobe you already own? When you lose weight you often also lower your blood pressure and/or cholesterol as a bonus. It might not be the primary motivation, but the extra benefit is of course [...]
On Match 17th, the Urban Institute, Brookings Institution and their individual authors, reported that because of the small share of the population currently eligible for itemized tax deductions for charitable giving, many charities have argued that a more universal charitable deduction or tax credit should exist. A more universal subsidy could (but would not necessarily) [...]
Go to any party, any backyard BBQ, baseball game or the yacht club on race day and you are likely to hear someone complaining about taxes. People love to hate them, but they act as if they have no control over them! Taxes are not a storm over the ocean that “at God’s will” might [...]
The answer to that might surprise you. Because, for the most part, the answer is yes. However, sometimes they are only fair if you know how to “play the game”. Most people think only the wealthy can avoid paying income tax because they know how to play the game. Well, at a much lower level, everybody knows some of [...]
With every new president, we hear that taxes are going to be changed. Some promise to lower them in order to get elected, even though there is no way for them to go down while we spend the way we do, service our huge debts and keep the lights on. Some say they are going [...]
Many people are looking at their calendar and realizing that June has passed, and although they had great intentions in March and April of getting proactive in and around learning how to mitigate this year’s tax outcomes, the time has slipped by. People who should be storing capital differently in that stock brokerage account have [...]