Charitable planning has always allowed some great tax benefits for clients with tax trapped assets, and the second benefit, the charitable deduction.  What’s a tax trapped asset? Why is the charitable deduction the second benefit and not the first?  What are the one-time 2020 rules?  Well, that’s the point.  Most people don’t understand why these [...]

The people who have filed and paid too much tax again this year, as they did last year, almost always make themselves a promise that they “will do better from now on.”  They will keep better records; maintain a mileage log.  They will learn more about work options and increase their 401(k) or 403(b).  They [...]

That’s what you often hear from a sneaker manufacturer or a car company to create a feeling of scarcity for a product in order to drive desire or cost up.  This is not a typical tactic of the IRS.  COVID-19 and the reaction to it has created a path of human misery, but like cutting [...]

Think again.  Of course, human life is more important, especially when it’s yours!  That being said, many of us have a worry list that is growing and if taxes were on that list, they have been pushed down by all the new concerns.  There is a growing divide in the U.S. between the people who [...]

Many self-employed and small business owners who did not get applications in before the money ran out the first time around, are now getting them in during this second round of PPP funding, and the frantic level of requests seen previously seem to be a bit more orderly now.  Many people we have spoken to [...]

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 [...]

The tax planning world has been evolving very quickly in the last few months.  Needless to say, anyone who felt they had a handle on being proactive is now working with at least one hand behind their back (maybe even two).  Accountants that are proactive (a small subset of the overall group) have been very [...]

With the “world on fire” it’s hard to care about the crisis coming in 2023 or 2024, but especially for retirees or soon to retire folks, next to sheltering in place, it’s the most important thing you can do!   Whether you think the stock market will have a V shaped recovery, a W shaped recovery [...]

These are trying times and we all have information overload, but one small piece of the new emergency tax relief legislation that seems “lost in the sauce” is perhaps the most important for retirees.  There was a last minute push for seniors to be included in the $1,200 relief checks, although if retired and on [...]

We use the term “Tax Planning” often, but we are aware that many people are not sure what it really is.  Some people think “That means off shore accounts and citizenship shell games ending with jail time.  No thank you!”.  That is not tax planning; that’s tax evasion, and it’s not at all what we [...]