We are nearing the October 15th filing deadline, so all the crying is almost over 2019 tax return submissions. We blogged throughout the summer on various topics, but now you’re down to a few weeks to effectively do 90% of what can be done to affect your 2020 tax liability. Only a few things can be done …
All around the country, there are people in an absolute panic because the real tax deadline for personal tax return extension filers is approaching and they are running out of time. A few blogs ago, we talked about how to possibly deal with not being ready for the corporate deadline on September 15th . We don’t have an amusing anecdote …
Tax Planning: It Isn’t Just For Breakfast Anymore Read More »
With Labor Day here, what tax planning should I think about before the fourth quarter is in full swing? The biggest mistake a business can make is not knowing their true numbers. The biggest mistake individuals can make is thinking they aren’t affected financially just because they “made it” and are back to work. Business …
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 …
A Donor Advised Fund or “DAF” is defined as “an account at a sponsoring organization, generally a public charity, where an individual can make a charitable gift to enjoy an immediate tax benefit and retain advisory privileges to disburse charitable gifts over time.” But what does that mean in practical terms? You can set up …
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 …
Charitable Tax Planning and COVID-based Special Tax Rules for 2020 – a Win-Win Read More »
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 have created a path of human misery, but like cutting …
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 seems to be a bit more orderly now. Many people we have spoken to …
Should You Take a PPP Loan If You’re Not In Dire Straits? Read More »
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 a …
One COVID-19 Tax Relief Fact That Retirees Should Understand! Read More »
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 heartaches …
It’s Not All Bad News. Roth Conversions In A Down Market Can Be A Big Win! Read More »