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Posted on Friday, June 14, 2019
Taxes, like rain in the Spring, are a constant, but you can open an umbrella.  Many people are looking at their calendar and seeing the end of June, and although they have great intentions in March and April of getting proactive in and around learning how to mitigate this year’s tax outcomes, the time has slipped by.  People that should be storing capital differently in that stock brokerage account have already been paid six months in dividends that are coming to them as a 1099 next tax season.  Those people that meant to move the funds out of the bank are going to receive six months of interest now.  People who see the calendar, see the date, and are already...

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Posted on Friday, June 07, 2019
Do you like losing weight because you want to look more attractive or fit in an expensive wardrobe you already own? You also often lower blood pressure or lower A1C. It might not be the primary motivation but the extra benefit is of course welcome! If you are a business owner than we pose this question. Some time ago you had an idea, over the years your turned that idea into a successful and profitable business. Have you protected what you worked so hard to build?  An unexpected turn of events could put your biggest asset at risk. Did you know that moving business dollars into a qualified plan could protect your assets as well as provide a current tax...

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Posted on Sunday, June 02, 2019
Everywhere I go, like the dandelions popping up all over my lawn, no matter hard I work at their extermination, there are cars on the side of the road and the unmistakable buzz of people with “yard sale face” rushing to see what hot deals they can find.  It’s a summer ritual, and as badly we all crave summer, a welcome sign.  The biggest yard sale we have ever seen has been open and running for almost a decade now and still not many people are parking out front and rushing in and THEY SHOULD BE!  It’s the capital gains tax rate and it’s a big sale. Does the IRS really have “Yard Sales?”  Yes, all the time! The tax...

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Posted on Friday, May 17, 2019
Don’t let your stockbroker off the hook when it comes to tax planning.  Many people work with brokers when they buy and sell stocks.  Many people now, because of the internet, also have become their own stockbrokers, doing their own research and trading on various platforms.  Whether you use a professional or do your trades yourself, you still need to hold your stockbroker accountable.  What do I mean?  If a broker is helping you buy and sell, they had to take a Series license of some kind.  Sometimes, an RIA (Registered Investment Advisor) has taken a Series 65 exam.  If it’s a representative of a broker/dealer, perhaps they’ve taken a Series 6 or a Series 7 exam.  There are other possibilities, but the point is, these exams are...

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Posted on Thursday, May 09, 2019
It’s hard to be logical all the time about everything.  The most financially successful tax clients we serve at least attempt to force themselves to be logical, for their own benefit.  For instance, our parents, as well as a subset of the economy including some popular radio show based advisors like Dave Ramsey, say you should pay off your home and have a “free and clear” deed as a goal (they are wrong in most cases by the way).  That kind of thinking is emotional thinking, mixed perhaps with some presumptive attitude about what the general populous is capable of.  “Well, we know we can’t get people to do what would really be best for them based on pure math...

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Posted on Friday, May 03, 2019
Tax filing season is over (for most of us).  So, why even think about them?  Because you are taxed all 365 days of the year.  366 in a leap year!  You may only settle up with the IRS once a year, but taxes are assessed on you every day!  Gas taxes, sales taxes, property taxes, income taxes, payroll taxes, snack taxes, even milk taxes, and more.  All day, every day, like breathing.  Wow.  Ok, so what’s the point?  Usually, income tax is the largest tax you will pay.  And, unlike the others, it’s generally the only one you can actually control and change by planning ahead.  It’s already May, so you are almost at the 6 month mark for the year....

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Posted on Friday, April 26, 2019
People often struggle with record keeping and are often so busy that they are simply unaware of tools or services that have been developed that could greatly improve the recording and tax deductibility of expenses, miles and other useful things.  Tons of topics we could cover here, but two that are universal.  If you are in business, you have a phone and a car.  Cell phone are pretty typical for smaller companies.  What we usually see is a personal cell phone bill and of about $150-300 a month, and of course the business owner wants to deduct it all.  When you start asking questions however , almost always, it’s a family plan with spouse and kids on it, so 80%...

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Posted on Friday, April 19, 2019
Some reflection after the push of the 2018 tax season.  Not who won and who lost, as that was all over the board.  Also speaking of “board”, I’m bored with all the finger pointing and blaming around the new tax rules.  Tax policy is fluid and always has been.  Like Fed policies and a hundred markets around the world, things will always change.  Like flying an airplane.  You take off with a flight plan, but you fly by your instruments, reacting to weather and other planes in your airspace.   The real question is, is there a great new inequity that wasn’t there before?  The answer in our opinion is, not really.  It changed the most for big companies being...

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Posted on Friday, April 05, 2019
Many people this time of year are rushing to try to throw their taxes together.  They’re doing so with regret in their heart because they promised themselves last year that they would be in better shape to get their taxes filed on time.  Yet, here they are, files here, files there, a general idea of where everything they’ll need is, but no time to properly compile it, and gosh, look at the calendar.  “I will never be able to get my return filed by the deadline.”  We feel that this is actually a good thing for those people — the entrepreneurs or the busy folks — because rushing to put tax items together almost always puts a “win” in the IRS side...

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Posted on Friday, March 29, 2019
With tax season in full swing and documents from broker/dealers and other investment companies coming out later and later, you can definitely smell the tax “angst” in the air.  The amount of pressure that tax offices and their clients seem to be under is palpable. Why is this all happening and what about this is important to you? It’s happening because, over the years, although the IRS has stood firm at mid-January to April 15th as the filing season for 1040 filers, on the other side of the equation are the vendors themselves that have to send documents to the IRS:  The banks, the mortgage companies, the investment companies, etc.  The companies have managed to lobby and get extensions of time...

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