Archive for Tax Planning

Millions of Self Prepared Tax Returns Filed Wrong

Millions of Americans file their own tax returns and pay the wrong amount each year.  Tax software and the leading tax preparation franchises will help you fill out the forms; but they are tools, NOT a solution. Did you know that some of the leading tax preparation franchises only require their preparers to have 84 […]

2011 Required Minimum IRA Distributions

Now that the New Year is here, you can begin taking your required minimum distribution (RMD) for 2011. The following is an overview of the rules regarding these mandated distributions for older taxpayers. The IRS does not allow IRA owners to keep funds in a Traditional IRA indefinitely. Eventually, assets must be distributed and taxes […]

It’s Tax Time!

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment fully prepared, […]

Is The Tax Stalemate Finally Broken?

In a news conference held December 7, and carried live by most major networks, President Obama discussed the tax agreement he had worked out with the GOP’s Congressional leaders the previous day. Although there is some discontent with the agreement among some liberal Democrats, it is expected to pass Congress before year-end. Keep in mind that this agreement – which primarily addresses tax cuts enacted in 2001 and 2003 (the “Bush era”) that have or will soon expire – has not yet become law and must first pass both houses of Congress, and there could be some modification to the original agreement.

Taxes 24/7/365

The reasons for putting off tax preparations are endless – and understandable. So tax filing deadlines may become the culmination of marathon sessions with your records, which can make mistakes more likely. Conscientious daily work habits—including a constant eye on tax issues—can help prevent this painful scenario. QuickBooks offers many built-in tools to help you […]

New Roth IRA Opportunities

2010 is the first year in which taxpayers—including married taxpayers filing separately—are able to convert funds in regular IRAs (including SEP and Simple IRAs) to Roth IRAs, regardless of income level.  This can provide a significant opportunity for certain taxpayers. There are several advantages to a Roth IRA – All future earnings and distributions at […]

Capital Gains Strategies

One of the greatest benefits of the tax code is the special tax rates that currently apply to gain recognized from the sale of capital assets held for more than a year (long-term).  The special tax rates apply to virtually all capital assets including land, improved real estate, your main and vacation homes, and business […]

The 9 Benefits of Tax Planning

Planning Strategy – A Matter of Timing Planning strategy is often built on two basic timing precepts: Rule 1 – Generally, payment of tax owed on income transactions should be postponed as long as possible provided no penalty is incurred or there is not a pending law change that would adversely affect you.When you postpone […]

After Further Review, the Penalty Stands

Former Kansas City Chiefs quarterback Joe Bruner made headlines last week as he was sentenced for battery. Bruner’s accountant, Wayne Montgomery, testified that Bruner punched him in the eye, pushed him face down into a recliner, and hit him repeatedly in the head, neck, and back at a meeting at Bruner’s house last July. Bruner was apparently “upset” with the size of his refund.