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 …
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 …
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 »
Ask anyone if they “pay too much income tax” and the knee jerk reaction is almost always, “Yes!” and without much hesitation. Why do we call that a knee jerk reaction? Because if you then follow the question up with two more questions, “What did you pay in federal tax last year? And/or what bracket …
Why Do People Fear Tax Audits More Than They Fear Overpaying? Read More »
If you have an S Corp based business then you are just a few days from your filing deadline. You can’t extend the extension, so what if you’re still just not able to file? What do you do? Technically, you should be ready to file, so you’ll get no sympathy from Uncle Sam unless you …
The Tax Filing Deadline for S Corps on Extension is Fast Approaching Read More »
In a few months, the U. S. will begin filing tax returns again, and at tax firms all over the country, people will be making the “E-Trade” Shocked Baby Face (remember him?) when they see they are being charged penalties and interest for underpaying their taxes due. Even if they made a 941 payment in …
Fix the Underpayment Tax Penalty You’re Headed For with A Simple Halloween Trick 😮 Read More »
Ask anyone if they “pay too much income tax” and the knee jerk reaction is almost always, “Yes!” and without much hesitation. Why do we call that a knee jerk reaction? Because if you then follow the question up with two more questions, “What did you pay in federal tax last year? And/or what bracket …
Why Do People Fear Tax Audits More Than They Fear Overpaying? Read More »