The most important tax tip of the year

Posted Leave a commentPosted in Accounting, self-employed, Small Business, Tax Planning, Taxes

Take advantage of the most generous part of the Tax Cuts and Jobs Act, known as Section 199A by; 1) Exploring whether your business CAN benefit, and 2) Settling protocol to make sure that your business DOES qualify based on the 184 pages of proposed regulations just released this month. The important thing is to […]

Biggest tax news of the year: 30 million will owe IRS this spring

Posted Leave a commentPosted in Financial Planning, Tax Planning, Taxes

The biggest tax news of the year came out buried inside the pages of a report issued last month by the General Accounting Office. I call this the ‘biggest news’ because it adversely affects almost 30 million people. The people most likely to be affected are upper middle income taxpayers – in other words, my […]

The Tax Savings Blog is moving toward podcast format

Posted Leave a commentPosted in self-employed, Small Business, Social Media, Tax Planning, technoogy

I’ve toyed with “multi-media” formats for several years, not really knowing what this term means, what my goals are, and how to make a plan to get there. The NJCPA offered their studio and produced a few segments and I’ve tried Facebook Live, YouTube and Vimeo. This week I’m moving forward with podcasting with more […]

Abusive tax shelter still alive for the ultra-rich

Posted Leave a commentPosted in IRS, Tax Planning, tax shelter

This past week an interesting Appeals decision from a Tax Court case in the 9th Circuit was published in an older tax matter of Altera Corporation and Subsidiaries vs. IRS. I must immediately qualify the use of the word “interesting”. By any common usage this is not an interesting topic. This is a tax shelter […]

Sample tax services engagement agreement

Posted 1 CommentPosted in Accounting, Tax Planning, Taxes

This is a sample high-value agreement for individual tax preparation services that incorporates cost-saving technologies and procedures to save time and money while maintaining a high level of professional service (revised July 22, 2018)  Contents: A) Communications B) Work Process C) Fees D) After End of Agreement E) Miscellaneous Provisions Thank you for choosing me […]

US Treasury to introduce IRS “sucker cards”

Posted Leave a commentPosted in IRS, Tax Planning, Taxes

U.S. Treasury Secretary Steven Mnuchin announced that “Next week we will be unveiling the new 1040 and it will be a postcard as we promised.” After decades of moving Americans to a computerized online tax filing system the IRS is now reversing course and going back to promoting a physical post card based filing system […]

An overview of tax-free investments

Posted Leave a commentPosted in Investment, Tax Planning

Over the past few days I’ve spent time communicating with other financial writers online and skimming published articles on the topic of tax-free investments. In a world where most topics, especially most investment topics, are covered redundantly, it is surprising to learn that this topic has holes in media coverage and that much of the […]

Invest Like a Venture Capitalist

Posted Leave a commentPosted in aquaculture, Banking, Crowdfunding, Farming, Financial Planning, Tax Planning

One of the most overlooked tax savings strategies is to avoid federal income taxes on large capital gains. Allowing investments to grow tax free over decades can result in tremendous growth in wealth. This is the tax strategy employed by almost all venture capitalists but is still relatively unknown by individual investors. Our federal tax […]

Make small business payroll service pay for itself

Posted Leave a commentPosted in Accounting, payroll, Small Business, Tax Planning

Recently I published a series of short blog posts on the topic of payroll processing for small businesses. In summary, I’ve suggested that today’s automated payroll services are a fantastic value but that coördination and oversight by a small business compensation professional helps avoid problems and penalties that stem from miscommunication. I’ve suggested that the […]