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Posted on Thursday, February 20, 2020
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.  Since Trump has been in office, there have been some substantial changes to things that people have been use to for many years.  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...

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Posted on Friday, February 14, 2020
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 (yes, just two weeks away) .  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,...

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Posted on Thursday, February 06, 2020
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 Friday, January 31, 2020
People who are worried about the 10 year rule, requiring beneficiaries of inherited IRAs to withdraw the entire balance within 10 years, can double that time with a CRT beneficiary in front of inheritors.  What if you really have a big IRA and the 10 year rule just isn’t enough of a stretch to help your beneficiary stay out of the top tax bracket?  Or any other reason you care about reducing the negative tax impact from the 10-year rule?  You could use other remaining tax rules to your benefit by setting up a charitable trust.  A charitable trust allows the retirement assets to continue growing tax-deferred, even once the assets are distributed from the retirement account into the CRT....

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Posted on Friday, January 24, 2020
Since they are only done once a year, the little things regarding the tax code are often overlooked or forgotten.  In some cases, this can lead to unintended penalties and fines.  As a sole proprietor, it’s not enough to just include a Schedule C on your personal tax return.  Before January 31st, you must remember to complete and send 1099-MISC forms to anyone you paid more than $650 to last year, and transmit copies of those forms to an IRS office.  But where do you get 1099-MISC forms and what information has to go on them?  Among other things, you need to include the payee’s Social Security number and address.  That’s the first problem.  For many people that you might hire, such as a...

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Posted on Friday, January 17, 2020
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!). Tax planners’ offices often don’t look like a franchise...

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Posted on Friday, January 10, 2020
In the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs.  Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant to get your taxes done.  There was no internet, so information was something you had to gather and organize yourself.  You would talk to a few co-workers, a family member, a mentor and then take actions based on the limited intel.  Back then, you would sit with a financial advisor, and if they were a big deal they might have a stock ticker pumping out tape...

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Posted on Friday, January 03, 2020
Just before the end of 2019, the Setting Every Community Up for Retirement Enhancement Act, better known as the “SECURE Act”, went into effect as a new law.   It brings another round of interesting changes to the U.S. tax code, but especially around the rules regarding Required Minimum Distributions (RMDs), which dictate when and how much people must withdraw from their retirement accounts to avoid tax penalties.  Beginning Jan. 1, 2020, the new law pushes the age at which you need to start withdrawing money from your traditional IRA retirement accounts from age 70 ½ to 72.  If you turn 70 ½ in 2019, you will still need to take your RMD for 2019, no later than April 1...

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Posted on Friday, December 27, 2019
As another year comes to an end, we wanted to take a moment to wish you a great 2020!

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Posted on Friday, December 20, 2019
The only constant in life is change, but some of these possible tax code changes will affect advisor planning in BIG WAYS! Three health care taxes that were originally enacted as part of the 2010 health care reform legislation are slated for repeal as part of this year’s budget from Congress.  As currently written, the new legislation provides changes to retirement plan rules, extends several expired tax provisions, provides disaster tax relief, and repeals the provision that taxed exempt organizations when they provided parking to their employees. Highlights in that bill awaiting Trump’s signature; Increases the age after which required minimum distributions from certain retirement accounts must begin to 72 (from 70½); Modifies requirements for multiple-employer plans to make it...

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