Primer on Tax Transcripts

Posted Leave a commentPosted in IRS, Tax Planning, Taxes

In this age we know that information is power. Tax transcripts are increasingly important for providing primary information to efficiently handle federal tax issues. As a tax adviser, I find that the level of federal tax information available to clients is poor and is often dominated by misinformation and misunderstanding. Tax transcripts give us the most […]

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 […]

Everybody loves a tax cut

Posted Leave a commentPosted in Investment, Tax Planning, Taxes

Americans have been clear and consistent in their opinions that corporations and wealthy people do not pay their fair share of the tax burden. We’ve known and accepted this as reality for most of our lives with little or no government action to make the system more fair. This public opinion has been largely unaffected by […]

LinkedIn ProFinder to market low cost tax services

Posted Leave a commentPosted in Accounting, Tax Planning, Taxes

updated November 9, 2017 I tested a new marketing tool using LinkedIn ProFinder to promote my low-cost online tax filing service. This blog post explains my project and hopefully serves as a basis for further marketing discussion among peers and advisers. This post documents the process I used to develop and test the online lead generation […]

Add impact to ‘Not My President’s Day’

Posted Leave a commentPosted in Ethics, Financial Planning, Tax Planning, Values

Resolve today to take a strong personal stance to avoid paying federal income taxes. Just make sure to do it safely and legally! On this historic “Not My President’s Day” I am reminded that civil protest has its limitations. Don’t get me wrong; I strongly support and encourage civil protest. Consider the old folk song “Charlie […]

Support for Turbotax users

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

For many years I’ve promoted the concept that most people should be able to file their own tax return without outside help. In cases where the taxes are based on salaried income, investment income and other well-documented sources, it makes sense to file your own taxes online and the process can be completed in less time […]

The short list of legal income tax avoidance tools

Posted 2 CommentsPosted in Financial Planning, Tax Planning

Most of the legal tax saving strategies used successfully by individual taxpayers in the U.S. stem from just 12 tactics. These are frequently observed in tax practice and confirmed by the IRS1 as the most expensive to the government. All of these avoid federal income tax: Earnings of nonprofit business organizations Qualified employee benefits Deferred compensation […]

Top ten ways to avoid federal income taxes

Posted 1 CommentPosted in Tax Planning

Whether you goal is to financially resist the Trump regime, free funds to increase support for your favorite defunded charity, or simply to improve you own financial security, one of the most effective ways is tax avoidance. The ordinary American pays more than 1 in 5 total dollars earned as federal income tax. We know that […]

Fantastic opportunity to save on taxes and insurance

Posted Leave a commentPosted in Health Insurance, Small Business, Tax Planning

Great news for health care costs: Small businesses can immediately combine the benefits of the the recent December 13, 2016 federal health care law with Trump’s new January 20, 2017 executive order to save money on health insurance and taxes. The new law reverses prior IRS positions to give us new opportunities for savings. The […]