A lot of things have changed in the last two years when it comes to tax rules. Every year, the IRS tweaks things a little. Since Trump has been in office, there have been some substantial changes to things that people have been use to for many years. Old habits die hard, so some of [...]
Many people think of the IRS filing deadline as April 15th. Simple right? In fact, there are deadlines all year long, something different every month. IRS Publication 509 has the outlines, if you want a quick search to look something up. If you are in certain industries, you likely know you have different deadlines; like [...]
Ever had a “light bulb” moment? I have been driving for many years. I’ve driven at least a million miles and I own a few cars (I collect certain types), and when driving my spouse’s car or one from the collection that I haven’t driven in a while, inevitably it’s time to gas up. I [...]
People who are worried about the 10 year rule, requiring beneficiaries of inherited IRAs to withdraw the entire balance within 10 years, can double that time with a CRT beneficiary in front of inheritors. What if you really have a big IRA and the 10 year rule just isn’t enough of a stretch to help [...]
Since they are only done once a year, the little things regarding the tax code are often overlooked or forgotten. In some cases, this can lead to unintended penalties and fines. As a sole proprietor, it’s not enough to just include a Schedule C on your personal tax return. Before January 31st, you must remember to [...]
There are many ways a tax return can be done that are all OK with the IRS, but only one of those ways nets the largest refund! People need to understand this across America, and we talk about tax planning constantly. We blog, tweet, post, e-mail and on and on, yet we as an industry [...]
In the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs. Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant [...]
Just before the end of 2019, the Setting Every Community Up for Retirement Enhancement Act, better known as the “SECURE Act”, went into effect as a new law. It brings another round of interesting changes to the U.S. tax code, but especially around the rules regarding Required Minimum Distributions (RMDs), which dictate when and [...]
As another year comes to an end, we wanted to take a moment to wish you a great 2020! Source
The only constant in life is change, but some of these possible tax code changes will affect advisor planning in BIG WAYS! Three health care taxes that were originally enacted as part of the 2010 health care reform legislation are slated for repeal as part of this year’s budget from Congress. As currently written, the [...]