News & Articles
The goal of tax-loss harvesting to lower your overall taxes. With proactive tax planning, you may be able to lower your taxable income by selling off losing investments. Similarly, you can offset some long term gains by selling investments that may have lost money over the long term.Read more →
The Internal Revenue Service (IRS) has announced that a new payment option has been added to the private debt collection program. The payment option is intended to make it easier for those who owe to pay their tax debts, although some practitioners, like me, fear that it could lead to abuse.Read more →
Is it crazy to compare yourself to a large financial institution? No. You both have a key thing in common: assets.The only real difference is that many more people depend on a big bank than on you.Read more →
It is only natural to worry about an IRS audit, and the duration of audit periods can be downright frightening. Tax lawyers and accountants are used to monitoring the duration of their clients’ audit exposure, and so should you.Read more →
The years approaching retirement are rich with opportunities for those who can carefully fill their income “buckets” to just the right level.Read more →
Once you retire, it’s helpful to keep several tax opportunities and tax consequences in mind.
Retirement may mean that you’ve stopped working, but it doesn’t mean that you’re finished with worrying about taxes.
Mixing one’s funds with the proceeds of a business is a tempting prospect. For many solopreneurs, commingling allows them to have a much simpler time when banking. However, situations may arise where mixing business funds with personal funds can lead to a complicated mess. While the actual business of banking is easier, things like account-keeping, tax reporting and separating business expenses from private earnings become a nightmare.Read more →
“Gasp!” That might be your first reaction to seeing an envelope with an eagle on the upper left corner and the dreaded words next to it: Internal Revenue Service. But fear is not an emotion that should flow through your body. Why not? Well, if you’ve accurately recorded what properly belongs on your tax return, you have nothing to fear from the IRS if they contact you about an audit.Read more →
Most individuals begin tax planning when the due date for filing income tax return is around the corner. However, it is prudent to start your tax planning earlier as it gives you more time to make a good estimate of your income and gains.Read more →