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 »
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 …
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 offshore 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 recommend. …
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 »
ith fall in the air, it’s time to start thinking about things that need to be done to prepare for winter. The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great. Time to fill up your oil tanks before the price change, and at least know where those snow tires …
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 …
Tax Planning: It Isn’t Just For Breakfast Anymore Read More »