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 [...]
When people save for retirement they almost automatically use accounts that avoid tax now. IRAs, 401(k)s, 403(b)s, 457s, all pretax retirement savings plans. Certainly, long term savings uninterrupted by withdrawals and the effect of compounding interest on interest earned is unarguably valuable, but doing that in pretax accounts is NOT the only way to have [...]
Although currently very little has actually changed tax rules wise, many things are proposed. Under an executive order a few things have actually changed around child credits, so if you have children there are benefits starting now for many Americans in the lower tax brackets. Also, one item that affects many small business owners is [...]
It’s May and the 2020-2021 tax filing season is finally coming to an end, and for many with a familiar recurring moooooan and grooooooan of having paid too much in taxes. Now is the time to take your preventative medicine and avoid the pain next year! Being human, we all form habits. Some good. Most [...]
Everywhere I go, like the dandelions popping up all over my lawn, no matter hard I work at their extermination, there are cars on the side of the road and the unmistakable buzz of people with “yard sale rush” masks, rushing to see what hot deals they can find. It’s a Spring/Summer ritual and its [...]
Generally speaking, there are three “waves” of tax filers. The first contains the people with W-2 jobs, kids and daycare and they have had taxes withheld that when refunded are a big part of their income. They generally file in late January and early February, as soon as possible so they can get their refund, [...]
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 [...]
It goes without saying that the amount of new tax rules and programs that are now in force because of the pandemic is astounding. Preparers are stressed as the programs have come out during the active tax season so that extra time to slow down and read and comprehend just is not available, and people [...]
When you start tax planning with a new client, the first thing people often ask is why the accountant or CPA they are using doesn’t think or act the way you do in discussing the hunt for possible tax savings. After all, the current CPA is smart, trustworthy, running a successful accounting business and trusted [...]
When you start tax planning with a new client, the first thing people often ask is why the accountant or CPA they are using doesn’t think or act the way you do in discussing the hunt for possible tax savings. After all, the current CPA is smart, trustworthy, running a successful accounting business and trusted [...]