For many Americans the bad news surrounding the current crisis is all consuming. Even for those not living check to check, it can still be very stressful. Employers struggle with using savings, loan lines or selling assets to keep afloat. Others face layoffs of workers that are practically family members. There is a lot of [...]
This tax law became permanent but it’s still very underutilized. Many others are as well! I know on first read this probably sounds complicated, but it’s very simple. It’s better to take the income off your tax return than to take the deduction. It’s a win and it’s now permanent. There are numerous other tax [...]
If you own any size business, now is the time to review your business return to make sure you are receiving the maximum allowable “QBI” deduction. The public and many preparers still don’t have their arms wrapped around how this deduction works and many mistakes are being made! Whether you file as a sole proprietor, [...]
Well, investors aren’t going to have a very good weekend. Many are losing net worth, and fear of the real economic effects of a major national or international event, such as the looming possibility of a coronavirus pandemic, is not a topic that anyone likes to deal with. We have seen these kinds of events [...]
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 [...]