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Fix the Underpayment Tax Penalty You’re Headed For with A Simple Halloween Trick 😮

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 under paying their taxes due. Even if they made a 941 payment … Fix the Underpayment Tax Penalty You’re Headed For with A Simple Halloween Trick 😮 Read More »

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Income Tax Basis in Estate Planning

Income Tax planning is an integral part of Estate Planning. The first article in this series examined the concept of income tax basis, how it is acquired, and how it is adjusted. This article examines what happens to the income tax basis of an asset when it is gifted or bequeathed. There are different rules … Income Tax Basis in Estate Planning Read More »

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Why Do People Fear Tax Audits More Than They Fear Overpaying?

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 »

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Tax Planning: It Isn’t Just For Breakfast Anymore

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 … Tax Planning: It Isn’t Just For Breakfast Anymore Read More »

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The Tax Filing Deadline for S Corps on Extension is Fast Approaching

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 »

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Estate Planning for Surviving Spouses

When a spouse passes away, a lot of attention goes to administering their estate. But if you’re a surviving spouse, it’s also important for you to focus on your own estate planning documents as soon as you can. You need to make sure you’re protected during your lifetime and that your wishes will be carried … Estate Planning for Surviving Spouses Read More »

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The Rich Are Tight-Lipped On Family Wealth Decisions

For the wealthy, decisions about passing on assets—for instance, by gifting to family and charities, by dividing assets among heirs and establishing trust provisions or limitations—rank as the most important and difficult to make when compared to decisions about saving, investing, spending and other day-to-day finances, according to a Bank of America study. In fact, … The Rich Are Tight-Lipped On Family Wealth Decisions Read More »

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“Fall” into Tax Savings for next year!

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 … “Fall” into Tax Savings for next year! Read More »

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Roth IRAs Are Often Misunderstood

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 … Roth IRAs Are Often Misunderstood Read More »

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What Is Tax Planning?

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 off shore 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 … What Is Tax Planning? Read More »

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