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Posted on Friday, April 09, 2021
When you start tax planning with a new client, the first thing people often ask is why the accountant or CPA they are using doesn’t think or act the way you do in discussing the hunt for possible tax savings. After all, the current CPA is smart, trustworthy, running a successful accounting business and trusted in the community. So, why are you telling them all these wonderful new tax savings ideas that their CPA has never mentioned? There are many explanations, but the simplest is how the accountants themselves view the job that they do. Often, accountants think that the profession of accounting in its simplest form is the job of telling the story of money that has already come...

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Posted on Friday, April 09, 2021
When you start tax planning with a new client, the first thing people often ask is why the accountant or CPA they are using doesn’t think or act the way you do in discussing the hunt for possible tax savings. After all, the current CPA is smart, trustworthy, running a successful accounting business and trusted in the community. So, why are you telling them all these wonderful new tax savings ideas that their CPA has never mentioned? There are many explanations, but the simplest is how the accountants themselves view the job that they do. Often, accountants think that the profession of accounting in its simplest form is the job of telling the story of money that has already come...

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


Posted on Friday, April 02, 2021
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, March 26, 2021
The latest round of stimulus payments, on top of the backlog left from the 2020 IRS slowdown in processing 2019 returns and the constant new tax rules coming out of the legislature, has produced a “HOT MESS” resulting in the extension of the federal income tax filing deadline for the second year in a row, this time to May 17th.   Last week we cautioned that some sates might not follow suit, so be sure to check and see whether  or not your state is following suit.  A few things are now more clear: If you have already filed and had unemployment benefits taxed, there is no need to amend your return.  The IRS will do a fix sometime this Summer...

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Posted on Friday, March 19, 2021
Last year, 41 states that have a personal income tax postponed their April 15 filing and payment deadlines due to the fallout from the pandemic, but that hasn’t officially happened this time, at least not yet.  The IRS has moved the deadline for filing 2020 federal income tax returns from April 15 to May 17, 2021.  This will also give the tax agency, which already has a backlog of unprocessed tax returns, more time to adjust its computer systems and forms to account for tax changes made by the recently enacted American Rescue Plan Act – most notably, the $10,200 federal exemption for unemployment compensation received in 2020, that might be only federal AND NOT STATE TAX EXEMPT. Oklahoma has delayed their state...

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Posted on Friday, March 12, 2021
Lately we’ve seen a historic amount of spending, due of course to the pandemic and trying to keep the economic ship righted.  So, who’s to know whether what we’ve done is right or wrong?  Only time will tell, but for now, especially for those retired or about to retire, this is a blind crossing moment that takes some forethought and reflection to navigate.  In the future, taxes are likely to go up.  Biden targeted only people earning over $400,000 in his campaign promises, but as we all know, even with the best intentioned candidates, Republican or Democrat, once they get into the reality of “the books and the art of compromise,” promises are not always kept.  The country has been on a bad path from a spending perspective for a...

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Posted on Friday, March 05, 2021
A lot of things have changed in the last two years when it comes to tax rules.  Every year, the IRS tweaks things a little.  Old habits die hard, so some of these new tax rules will probably slip by many for some years to come, until they realize they’ve lost an opportunity or pay a penalty.  It’s not everybody’s favorite topic, right? That being said, there are a lot of good things in these changes.  One good thing is that the IRS has finally stopped unfairly not allowing people to put money away for their retirement when they plan on working past 70.  There was an inequity in the tax system for some time, because if someone was employed...

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Posted on Friday, February 26, 2021
Many people think of the IRS filing deadline as April 15th.  Simple right?  In fact, there are deadlines all year long, something different every month.  IRS Publication 509 has the outlines, if you want a quick search to look something up.  If you are in certain industries, you likely know you have different deadlines; like farmers and fisherman who have not paid their estimated tax by January 15th must file by March 2nd .  The deadlines for pass-through business entities is March 16th.   If you think about it, that deadline makes sense, as an S Corporation or a Partnership return is prepared so that a K-1 from the entity can be issued to the owners, with enough time for them...

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Posted on Friday, February 19, 2021
It’s hard to keep up with all the tax code changes that have come about due to COVID-19, and of course the change in the White House will bring even more tax code tweaks.  A lot of what’s been in the news and talked about are PPP loans, changes to payroll tax rules, deferrals and ways to not pay in or to get more back. All complex issues. The smaller, simpler things are not as newsworthy perhaps, or not seen as economic “life support” items, which has been the medias focus (and rightly so) for many businesses and individuals who are suffering deeply. With all this discussion, one tax change seems to have fallen through the cracks and people are...

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Posted on Friday, February 12, 2021
IRS Notice 2021-10, which automatically extends several IRS deadlines, has just been updated again!! How does that benefit you, the taxpayer?  Any gain (sale of stock, sale of property etc.) that you created by selling after October 4, 2019 but before October 2, 2020 can still have the taxation delayed by using a “QOZ” or Qualified Opportunity Zone investment. The new IRS notice extends the 180-day investment period for many investors to March 31, 2021.  Now, for any 180-day period that ends on or after April 1, 2020 and before March 31, 2021, the deadline is automatically extended to March 31, 2021.  Effectively, this means that for any gain recognized by an individual on or after October 4, 2019 and before October...

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