Our Blog

Posted on Friday, January 28, 2022
We talk a lot about people not doing tax planning and not spending more time creating the tax outcomes they want. We urge people to understand that it’s within their own control and that tax outcomes can be legally and ethically manipulated.  We go on and on about the benefits.  BUT…we understand why it’s so rarely done! It is because almost nothing in people’s lives has more constant change than taxes, and keeping up with all the changes can be an overwhelming challenge.  What if every four years your banking rules changed, “Oh I’m sorry John, we no longer pay you interest, now you pay us interest to keep money here.”  Or “Now you have to send in your mortgage...

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Posted on Thursday, January 20, 2022
A recent headline in Tax Analysts reads: “Reasonable IRS Appraisal Triggers Conservation Easement Settlement.” The article describes a long battle involving what the IRS calls “syndicated” conservation easement transactions. Hale E. Sheppard Esq. an Atlanta Georgia based Attorney stated in review of the ruling: “after the IRS was unable to win the case on technical issues by filing a Motion for Summary Judgment, after the partnership provided proof that any post-donation improvements would not materially change the value, and after the partnership submitted a Qualified Offer, the IRS agreed to settle the case before a Tax Court trial, allowing the partnership to claim 85 percent of the original tax deduction.” It is interesting to note that the IRS was insistent that...

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Posted on Friday, January 14, 2022
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, email 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, even though larger refunds would pay for those vacations! Tax planning offices often don’t look like...

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Posted on Friday, January 07, 2022
Tax filing season is looming again, with the IRS saying they will begin accepting returns between January 24th and 30th. However, it is possible that the IRS will delay the start of tax season a week or so beyond that, and returns containing Earned Income Tax (EITC) or Child Tax (CTC) credits may have refunds delayed until March so that credits can be verified.  Pass-through business returns will begin being accepted soon as well and will have a filing deadline of March 15th, which allows time for K-1s for owners and investors to be issued in time for the April personal filing deadline. This year that deadline will fall on April 18th for most, due to Good Friday falling on...

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Posted on Thursday, December 30, 2021
Photo by mehrab sium on Unsplash

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Posted on Wednesday, December 22, 2021
Photo by Isabela Kronemberger on Unsplash

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Posted on Friday, December 17, 2021
The IRS as Santa Claus?  A gift under the tree that every business owner should want to open!  Often the IRS makes new tax rules in reaction to a natural disaster, such as extending the filing deadline for Kentuckians after devastating tornadoes struck. Other rules are put in place to deal with changing financial dynamics, as with crypto currency.  They have rushed to make tax rules for this new form of currency.  Those new rules inadvertently gave crypto owners an advantage, in that they could harvest losses without a “wash rule” by re-buying the same “coin” two seconds after selling it, but still taking the loss on their taxes.  Over time they tend to be good at detecting these “errors”...

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Posted on Friday, December 10, 2021
Many people have the intention of doing a better job of “tax planning” in order to start having more favorable outcomes, but busy lives and life interruptions can leave them little time.  If this is you, you’re not alone.  Time flies even in normal times, but with the current stressful environment, everyone is scrambling even more, so you look at the calendar and think, “I can go see my accountant or financial advisor, or I can get my shopping done”, and the next thing you know its Dec 18th and the end of the year is upon us. Most advanced tax planning requires communication about concepts, takes reams of paperwork and time to submit to custodians, so it would be...

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Posted on Friday, December 03, 2021
At the end of the year the Salvation Army red kettles come out, the bells ring and the charitable organizations turn up their activities for fundraising, hoping to appeal to the holiday spirits of people, and in some cases the tax planning needs of businesses and corporations as well! Speaking of charitable giving and tax planning, there is one very useful tool that many senior citizens are not aware of that can help with both; the “QCD” or Qualified Charitable Distribution.  This allows someone who is required to take money from their IRA (due to their age) the ability to have it go directly from the IRA custodian to the charity and have it essentially “skip” their tax return, while still...

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Posted on Wednesday, November 24, 2021
From our family to yours, have a safe and happy holiday weekend!

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