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Posted on Friday, February 15, 2019
Ever had a “light bulb” moment?  I have been driving for many years.  I’ve driven at least a million miles and I own a few cars (I collect certain types), and when driving my spouse’s car or one from the collection that I haven’t driven in a while, inevitably it’s time to gas up.  I pull up to a pump and get out and realize that the gas cap is on the other side, back up the car, turn it around with a sigh and fill it up. Then this year the “light bulb” moment.  While trying to figure out the dashboard “iPhone” charger fuse location, I happened to be looking at the diagram of the fuel gauge in the manual...

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Posted on Friday, February 08, 2019
Not that we get much surfing here in the Northeast, but we have seen plenty of footage all the way back to the competitions on ABC’s Wild World of Sports.  Yup I’m that old.  The surfers sit and look at the horizon and anticipate the size of the waves.  It’s not an exact science, but they make their choice and then, the most important part, the proactively paddle like crazy toward the oncoming wave crest well ahead of its arival.  This allows them to meet the wave on their own terms, rather than seeing what they get when it gets to them, as they sit and do nothing.  Because of this action, they turn in time to ride the wave, and show off...

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Posted on Friday, February 01, 2019
In the “old days”, you went to the general store for your dry goods, the blacksmith for your horse shoes 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 man 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 globed ticker pumping out...

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Posted on Friday, January 25, 2019
There are many types of taxpayers, but three common categories are: A. Those who are getting a refund which is “our money” back. B. Those who are getting their own money back and think it’s a refund but it’s really not. C. Those who are paying in, and not getting a refund. The first are the group of Americans we support as a society and for whatever reason, and whether they are hard working or not are earning under a livable wage, so we supplement their annual income with credits. Depending on the number of children and other factors, we give them more back than they have paid or had withheld. The next group have worked and had withholding or...

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Posted on Friday, January 18, 2019
During tax season an often overlooked opportunity comes from not fully understanding how you can use your cars as a tax deduction on your tax return.  It is very common for people who have a Schedule C sole proprietor type business to claim their mileage on automobiles, but the privilege of using personal deductions on a tax return is not limited to someone who is filing a Schedule C.  For instance, a landlord might own three apartment buildings and file a schedule E on his personal tax return and not feel like he is “self-employed” as he has a full-time W-2 job. However, the use of his personal car on that schedule E is just as deductible as it is...

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Posted on Tuesday, January 08, 2019
WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig. Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds...

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Posted on Wednesday, January 02, 2019
This will be an interesting year to say the least when you go to file your tax returns. Most will be surprised, some good and some bad. From the tax return structure itself looking different, to a long list of deduction changes, everyone will be seeing something new. All year we tried to give our readers a few pearls of wisdom on planning, sometimes how to act from a tax perspective and sometimes to offer alternative paths to take in behavior that would potentially end in additional tax savings. An example of that is having IRA “required minimum distributions” go from your IRA directly to the charity of your choosing if you are over 70, instead of coming to you...

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Posted on Friday, December 21, 2018
Tis’ the season! Take the time to celebrate the holidays with family and friends. Happy holidays from the Tax What-If Doctor!

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Posted on Friday, December 07, 2018
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 30, 2018
There are only three weeks left to make something great happen with this year’s tax bill. If you are over 70, 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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