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Posted on Friday, February 23, 2018

Today’s blog, though, is actually not part of the new rules, it’s part of the undoing of the thought process that comes with the tax collection and reporting system that we have created here in the U.S. (said tongue in cheek, as I had very little to do with it. In fact, nothing at all, I don’t believe).  This is the time of year where people are getting documents in the mail and the self-created mental pressure starts to build.  The required documents are mailed to you and the IRS says that you have to file your return by April 15th…hardly any time!!!!!!  However, they also offer you an extension, and the extension is: A. free, B. always granted under all...

The post Fifth Bite Tax Code Changes… Perhaps the Most Important Bite. appeared first on Tax What If Doctor.

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Posted on Friday, February 16, 2018

Last week we looked at how businesses could potentially save more by tax planning changes than what they would get from the 20% QBI  (qualified business Income) deduction next year.  The week before that we talked about mortgage deductions and planning tips. This week we are getting down to the “core” of the changes (cute right?) and what the taxpaying public really needs to get their arms around.  The talking heads on CNBC and some of the other more neutral media outlets are talking about the signs we are already seeing of confidence in the economy.  People are starting to see a little more in their paychecks this week, which brings a nice warm feeling this time of year.   Even...

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Posted on Friday, February 09, 2018

In our first Tax Code Changes blog, we spoke of IRA withdrawal behavioral changes, and last week we talked about mortgage planning tips under the new rules.  This week we will tackle something for the sole proprietor business owner who uses a Schedule C for business income reporting, as this applies to most small businesses in America.  The new rules have opened a window of controversy over a new IRS term of art called “QBI” or qualified business income.  Each pass-through business including sole proprietors will be able to deduct 20% of the net profit of their business before applying the tax when filing their personal return in 2019 for tax year 2018.  The rule limits that deduction to a...

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Posted on Friday, February 02, 2018

We`ll have lots to discuss over the next few weeks and months about the actions you might need to take because of the sweeping tax code changes.  The last topic was changing how you make your contributions to charity by doing direct transfers rather than the traditional, now old fashioned and less effective, way. Today we want to “tackle” (yup super bowl Sunday influences the bloggers) something that affects a large part of the population: mortgages! Like our charitable conversation two blogs ago, the mortgage interest deduction is also claimed on schedule A, so the first observation is that many people will simply no longer get any value from their mortgage interest because the new standard deduction is twice as much as...

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Posted on Friday, January 26, 2018

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?!?!) Planners  offices often don’t look like a franchise...

The post Tax Season Has Started! Choose Apples or Oranges. appeared first on Tax What If Doctor.

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Posted on Thursday, January 18, 2018

Well, there are so many nuances to the new tax rules that we thought we would break them down over the next few weeks and cover a rule change a week, and then practical examples.  The news has covered the doubleing of the standard deduction to death, but knowing it happened doesn’t really help much.  What do you do about it?  Anything at all or just enjoy?  One practical matter would be thinking about what got listed on Schedule A of the return, and can you shift any of those expenses to other places on the return so that you not only get the new higher deduction but some additional benefit?  Probably.  Take, for instance, your charitable contributions, which are...

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Posted on Friday, January 05, 2018

  We have been reading about the 2017 Tax Cuts and Jobs Act for a week now.  OVER 500 new pages of code changes and even new sections of code, with much detail yet to be released.  Our advice to you?  Step one…take a breath and don’t feel like you need to make a mad dash to major changes.  It may be months before we get some of the most important details about our new reality.  Step two, take all the water cooler, social media and barbershop advice you receive with a grain of salt, and with a “note to self” that you will need to go find out the FACTS about the rumored item (and yes, I am saying...

The post New Tax Code … New Stuff to Know appeared first on Tax What If Doctor.

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Posted on Thursday, December 28, 2017

Like many people, we look hopefully at the New Year and all its potential.  The changes in the tax code are still not out in full detail which is something the IRS has often done, but enough is out to safely say that one New Year’s resolution will need to be to change some old habits around both financial behavior and record keeping. Structurally, many things remain the same.  There are still seven tax brackets, and where you land in those brackets will dictate how much of your income you will owe the government.  The numbers have changed from 10% to 12% and 15% to 22% but the standard deduction almost doubling for many will mean that although you might...

The post New Year’s Resolution #1: Tax Habits Will Need to Change in 2018 appeared first on Tax What If Doctor.

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Posted on Thursday, December 21, 2017

Here are 3 things you can easily do before the end of the year! Tip #1 For those people with capital gains from sales of stock or from mutual fund distributions, many know that they can offset those gains with a loss, but few actually sit down and do the annual exercise. It is a good idea to meet with a Tax Planner to look at your losses or winnings. By selling those losing assets, you can offset your other investment gains and end up with an equivalent of no capital gains. Many people would rather not sell their underperforming assets, because they believe they’re about to “come back” and wouldn’t dare wait the 31-day waiting period to repurchase the...

The post New Tax Code Rules Coming, There are Still 3 Things You Can Do in the Next 10 Days! appeared first on Tax What If Doctor.

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Posted on Friday, December 15, 2017

With tax code changes in the air, like the sweat smell of fresh cut grass in the spring, we are hopeful. However, whether the tax code gets overhauled, or change somehow slips through the cracks, it is ultimately our own behaviors and choices all year that will save us the most in tax, not the rules around it. The government isn’t talking about taking away IRA, 401K or other pretax accounts.  They may allow a larger amount or lessor amount to be contributed in the new package.  It doesn’t really matter, as a large number of people who need to be contributing now…..don’t!  If the new tax rules go into effect, and they have $2,000 more in their pocket at...

The post Tax Savings Would Be Great! Planning “Trumps” Tax Cuts We Can’t Afford, By 100 Times! appeared first on Tax What If Doctor.

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