Our Blog

Posted on Friday, June 18, 2021
It seems like everywhere I go, 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 nice to see some post pandemic normalcy. It’s always been a summer ritual, and as badly as 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 code is much...

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


Posted on Friday, June 11, 2021
Some do it often, while others hold on all year for that one great week and live day by day until that magical start date on the calendar!  A new wave in our digital age is to only take three or four day weekends, but do it more often.  However you “vacation”, they do have one common thread, and that is that they are not free.  Furthermore, when you are officially vacationing (which becomes a mindset as well….I am officially on vacation as of right now!) you spend more freely, often with a disregard for cost shopping.  “I’m stopping at Starbucks for the Mocha Frappuccino, not Dunkin, cause I’m on vacation!”. What if next vacation you could upgrade to fly...

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Posted on Thursday, June 03, 2021
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 Thursday, May 27, 2021
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 that happen!  Non-qualified annuity and Roth IRAs allow the same mechanics of compounding to happen, and in retirement both can be as valuable depending on the circumstances and actions of the retiree. Annuities are underappreciated as a tax planning tool, because of the way earnings are treated as ordinary income upon withdrawal.  However if annuitized at retirement (an option the advisors that distribute them often...

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


Posted on Friday, May 21, 2021
Although currently very little has actually changed tax rules wise, many things are proposed.  Under an executive order a few things have actually changed around child credits, so if you have children there are benefits starting now for many Americans in the lower tax brackets.  Also, one item that affects many small business owners is a change in the premium tax credit.  In the past, when people receiving subsidies from the insurance market place earned over 400% of the poverty level in income (around $40,000), they had to start paying back some or all of that premium subsidy. That amount for the next year has been raised, allowing most to not pay back any premium.  These changes are in affect...

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Posted on Friday, May 14, 2021
It’s May and the 2020-2021 tax filing season is finally coming to an end, and for many with a familiar recurring moooooan and grooooooan of having paid too much in taxes.  Now is the time to take your preventative medicine and avoid the pain next year! Being human, we all form habits.  Some good.  Most bad.  We try to develop good ones to replace the bad ones and often we are successful, but most successes don’t come without a coach, cheerleader or some kind of support. Tax time is usually a time of regret over not being successful at last year’s promise to oneself, “I’m not going to pay this much again.  I`m going to keep better records and search...

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Posted on Friday, May 07, 2021
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 rush”  masks,  rushing to see what hot deals they can find.  It’s a Spring/Summer ritual and its back.  A welcome sign of things slowly getting back to normal.  But the biggest yard sale we have ever seen has been open and running for almost a decade now (the IRS is hosting), 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...

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


Posted on Friday, April 30, 2021
Generally speaking, there are three “waves” of tax filers. The first contains the people with W-2 jobs, kids and daycare and they have had taxes withheld that when refunded are a big part of their income. They generally file in late January and early February, as soon as possible so they can get their refund, and who could blame them? That job is done, those folks have filed. The second wave contains people with more complex assets and it’s a flip of the coin for them, sometimes they owe and sometimes they get refunds.  So, they still want to file as soon as possible, but when the return is done it’s like waiting for cancer test results, they say, “well,...

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Posted on Friday, April 23, 2021
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 recommend.  Others think only the wealthy need a tax planner, and for regular folks it can mean paying a 30 year mortgage off 12 years early or having a college fund with enough in it to actually pay for college.  It’s not just for the wealthy, though.  Tax planning can be a useful tool for anyone who is aware of the opportunities.  Our tax code...

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Posted on Friday, April 16, 2021
It goes without saying that the amount of new tax rules and programs that are now in force because of the pandemic is astounding.  Preparers are stressed as the programs have come out during the active tax season so that extra time to slow down and read and comprehend just is not available, and people are stressed and want answers.   What should you do to get help and or make sure you dont miss out on programs that you can qualify for and that can help you recover or survive?  For many the answer is to file an extension!  Even though the IRS is allowing until May 17th to file, your preparers need time to read, think, run different options...

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