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 […]

Bigger isn’t better when it comes to tax advice

Posted Leave a commentPosted in IRS, Law firm, Tax Planning, Taxes

Small law firms and accounting firms sometimes feel ‘pushed out’ when it comes to a client’s largest transactions like the sale of a business or estate property. That’s usually not a good thing. “reliance on a promoter takes the good faith out of good-faith reliance.” – Tax Court Justice Holmes There’s a powerfully clear and simple […]

The battle to cut federal income taxes

Posted Leave a commentPosted in Tax Planning, Taxes

Many of my clients are facing higher federal income taxes this year as a result of the so-called “Tax Cuts and Jobs Act” that was passed by a slim minority of Republican lawmakers without the benefit of professional review that normally accompanies important fiscal social policy issues. While the law cuts taxes for most people, […]

Tax planning checklist for attorneys

Posted Leave a commentPosted in Law firm, lawyer, Tax Planning

I shifted my tax planning practice from a focus on contractors to a focus on attorneys after the societal realignment that followed the presidential election of 2016. It quickly became clear that the range of tools and techniques would be quite different for my new small professional firm clients. Some of the accounting and planning […]

Who benefits the most from tax planning?

Posted Leave a commentPosted in Law firm, Retirement, self-employed, Tax Planning

Our tax laws provide more opportunity to some people than others. I find that some people can save tens of thousands of dollars with little effort through active tax planning while others might save only a thousand dollars or so. Obviously these high impact people are the ones that tax planners like me want to […]

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.  Thank you for choosing me to help you with your taxes. My goal is to give a stress-free tax filing experience. Clear communication plays an […]

Sample tax representation agreement

Posted Leave a commentPosted in Accounting, IRS, Tax Planning

I occasionally post sample current or previous engagement letters online. This one was an engagement letter/email used for tax representation services.     IF AFTER READING THIS YOU AGREE TO ALL THE TERMS, PLEASE RESPOND TO THIS EMAIL AND TYPE “AGREED“. PLEASE CALL WITH ANY QUESTIONS.   SUMMARY  OF THIS EMAIL Documents included: 1) Privacy […]