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Posted on Friday, January 15, 2021
There are many ways a tax return can be done that are all OK with the IRS, but only  one of those ways nets the largest refund!  People need to understand this across America, and we talk about tax planning constantly.  We blog, tweet, post, e-mail and on and on, yet we as an industry are not even getting 10% of the public to take on tax planning!  The clients who do are often thrilled at the outcomes, and yet it’s just hard to get people to want to spend half the time that they spend planning their vacations on planning their own tax outcomes! (larger refunds would pay for those vacations!). Tax planners’ offices often don’t look like a franchise...

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Posted on Monday, January 11, 2021
Many of you in the past have had to issue a 1099-MISC to people you hired and paid, but not as W-2 waged employees. These forms have changed for the first time in a very long time, so this is a courtesy heads up.  The 1099-MISC has a much more limited use, but has not gone away.  However there is no longer a Box 7 for nonemployee compensation on the 1099-MISC.  If you used Box 7 in the past, you will need to switch to the new IRS form 1099-NEC, which is specifically for people who you have hired, including Independent contractors, gig workers, or self-employed individuals who you have previously sent a 1099-MISC for Box 7. Remember, giving them...

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Posted on Thursday, December 31, 2020
Wishing you a happy and healthy new year!

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Posted on Friday, December 25, 2020
Happy Holidays!

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Posted on Friday, December 18, 2020
Many people have the intention of doing a better job of “tax planning” in order to start having more favorable outcomes, but busy lives and life interruptions can leave them little time.  If this is you, you’re not alone.  Time flies even in normal times, but with the current stressful environment, everyone is scrambling even more, so you look at the calendar and think, “I can go see my accountant or financial advisor, or I can get my shopping done”, and the next thing you know its Dec 18th and the end of the year is upon us.   Most advanced tax planning requires communication about concepts, takes reams of paperwork and time to submit to custodians, so it would...

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Posted on Thursday, December 10, 2020
In the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs.  Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant to get your taxes done.  There was no internet, so information was something you had to gather and organize yourself.  You would talk to a few co-workers, a family member, a mentor and then take actions based on the limited intel.  Back then, you would sit with a financial advisor, and if they were a big deal they might have a stock ticker pumping out tape...

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Posted on Friday, December 04, 2020
There are only three weeks left to make something great happen with this year’s tax bill. If you are over 72, save the time you would have spent getting clothes together and boxing them and driving in the holiday traffic to a charity for the tax deduction (this can be done January 3rd), and instead have your investment advisor set up a direct gift from your IRA to the same charity. It still satisfies “RMD” (minimum IRA withdrawal requirements) but takes that amount completely off your taxable income total! If you’re a small business owner that files on a Schedule C , set up your kids to receive payroll from your company and get checks issued and then cashed from...

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Posted on Wednesday, November 25, 2020
Happy Thanksgiving!

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Posted on Friday, November 20, 2020
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 are you in?” they almost as quickly say, “I don’t remember, or I’m not sure”. Or they might guess at a bracket percentage, but usually not correctly. I’ve even had people profess the pain of paying too much in tax only to discover that not only did they get back all of their withholdings, but were given tax credit refunds of money they did not...

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Posted on Friday, November 13, 2020
With COVID at our heels again and Thanksgiving effectively canceled for many, it seems that a repeat of the first half of 2020 may be at hand.  The arrival of the vaccine should make it less scary soon, but we still need to dodge the virus and keep our businesses open between now and when “anyone with no priority” can get vaccinated. It’s all distracting us from the wave that will affect or infect us, to which there will never be a vaccine, higher taxes for most and very soon.  I can wear a mask, I can Zoom with grandma and owe her a hug, but I can’t change what’s about to happen to my tax bill.  The Biden campaign...

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