Call Us ~ (716) 222-2841

Our Blog

Posted on Friday, November 17, 2017

Every year all around America almost every tax preparer asks the question, “Do you have charitable deductions like donations?” The answer is often, “yes 500.00 at Goodwill, Salvation Army and others.” That answer although widely excepted is not defensible at audit so why not use the pre-holiday season to send your clients a few tips on how to easily and properly document those gifts in order to prove your value as a planner that cares about them. It`s a great excuse to dove tail that call into a request for an appointment between Thanksgiving and the end of year to talk about other more valuable tax saving opportunity that expire atmidnight when the new year’s eve ball drops! Cash is Cash...

The post This May Be the Last Year for Taking a Deduction on Schedule A! Here are Some News and Tips! appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, November 10, 2017

  My strategy?  Doesn’t this just happen?  NO!  And you need to pay attention!   Weather changes and holiday gear up often take people’s eyes off the ball.  Everyone over the age of 70 with money in IRA accounts of many kinds are penalized at 50% by the IRS if they do not properly withdraw the correct amounts from those accounts before year end.   Why would the IRS care if I take money out of my account? BECAUSE they get to tax it this year!  If, for instance, you are in the 10% tax bracket and you “should” take $10,000 from your IRA before the end of 2017, then they would charge you $1000 more on your taxes when...

The post You Have 6 Weeks to Handle IRA Mandatory Withdrawal… Let’s Discuss Your Strategy! appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, October 27, 2017

After October, trick-or-treaters are done banging on your doors, the fall wrap up begins around the house.  Any remaining lawn chairs, storm windows and et cetera, all go into place ahead of the first storm.  Sure, for some places, like Arizona, winter is just a nice break from the heat.  Wow, this summer it was 110 degrees on many days!  Crazy.  But, for a majority of the country that lives in the snow belt, November means batten down the hatches. The same is true for finance and tax planning.  People start looking at their holiday shopping budgets and looking at their end of year projections (if they’re financial goal setters) to see where they are at.  We often talk about...

The post The Most Used Tax Planning Concept for November and December. appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Monday, October 16, 2017

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...

The post Why Do People Fear Tax Audits More Than They Fear Overpaying? appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, September 29, 2017

First, right out of the gate, let us make it clear that we aren’t beating up on your CPA or Accountant.  The industry is perhaps the most honorable one!  That being said, there’s a misconception that they are going to be proactive when advising clients by nature, and that’s just not part of the training most have received.  Certainly some surely are, but the majority who know things about steps a business could take to perhaps be more aggressive, don’t feel it’s their responsibility to pursue a client in engaging in accounting choices or behaviors. A good example is “Bob” whom owns a tire shop that has grown from two employees to three locations and 32 full and part time...

The post If You Think Your CPA is Telling You Everything You Need to Know… Think Again. appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, September 15, 2017

IRS Gives Tax Relief to Victims of Hurricane Irma; Like Harvey, Extension Filers Have Until Jan. 31 to File; Additional Relief Planned WASHINGTON –– Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. Today’s relief parallels that granted last month to victims of Hurricane Harvey. This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15. “This has been a devastating storm for the Southeastern part of the country, and the IRS will move quickly to provide tax relief for...

The post The Next Three Blogs are Simply Repeating Information Directly from the IRS to Help Hurricane Victims! appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, September 15, 2017

Tax-Exempt Organizations Affected by Hurricanes Harvey and Irma Granted Tax Relief Tax-exempt organizations in parts of Texas, Florida, Puerto Rico and the Virgin Islands may qualify for tax relief from the IRS.  Organizations may get some extra time to file returns if they: are in the Hurricane Harvey and Hurricane Irma disaster areas, and have a filing due date after the hurricane hit and before Jan. 31, 2018. These organizations now have until Jan. 31, 2018 to file. The relief applies to original and extended due dates in this period. The start date of the relief varies by area. Texas: Aug. 23, 2017 Florida: Sept. 4, 2017 Puerto Rico and the Virgin Islands: Sept. 5, 2017 About annual information returns for tax-exempt organizations: Most organizations...

The post Posted on the IRS News Feed We are Trying to Help Get the Word Out! appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, September 15, 2017

Like Harvey, Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and members of their families. This is similar to relief provided last month to victims of Hurricane Harvey. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and liberalized hardship distribution rules. Though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures. Retirement plans...

The post Important Information From the IRS Regarding the Recent Hurricanes! appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, September 08, 2017

Seven days from now is the real tax filing deadline for 1041 (trust), 1065 (partnerships), 1120S (S Corps) returns that requested an extension in 2016. We often sift through our client and sometimes even prospects lists in our office and reach out on the 8th of September to “check in” and remind folks that a week from now we must be filing a tax return. People with trust income, run businesses and or have partnerships are often busy folks, and the date can sneak up on them. Then, you throw in distractions like Harvey, Irma (way more than simple distractions!) and yesterday EQUIFAX being hacked and everyone scrambling to protect their credit, and it’s not hard to imagine someone looking...

The post Call your business owner friends and remind them! Time is UP! appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.


Posted on Friday, September 01, 2017

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 in the community. So, why are you telling them all these wonderful new tax savings ideas that their CPA has never mentioned? There are many explanations, but the simplest is how the accountants themselves view the job that they do. Often, accountants think that the profession of accounting in its simplest form is the job of telling the story of money that has already come...

The post Why Didn’t My CPA Tell Me That? appeared first on Tax What If Doctor.

Click here to view the full article on Tax What If Doctor.