Category: Accounting
-
Four personal reflections at the end of tax season
One week past the most demanding tax deadline of the year and I’ve caught up with the most urgent post-season demands, and I feel that this allows my mind to return to a more normal and healthy reflective state. Three reflections come into focus: 1) I see myself as an organized, logical, likable, responsive and…
-
The snarky CPA’s Guide to High Income Tax Planning
How do you reduce your income taxes after you’ve exhausted all the usual middle income tax planning possibilities? Ignore anything published online because it is crap. Take a large tax deduction for donating something that is worthless because you already stripped its value. Donate your labor to a charity that gives you something worth little…
-
Top 8 tax myths
1. Paying taxes is voluntary. 2. Students don’t need to pay taxes. 3. If I can’t pay my taxes I could go to prison. 4. An LLC helps convert personal expenses to business expenses. 5. Estate tax isn’t a big deal and doesn’t affect many people. 6. I don’t have to report income if I…
-
Explanation: When there is no agreement on fees for this tax season
My professional practice is based on the principle of providing high value low cost services to working class clients. Most all of my clients have household incomes under $1 million and consider themselves “working class”. As a result, most of my fees tend to fall range of 1% to 2% of a client’s gross annual…
-
Nontaxable gasoline reimbursement plan
The sudden rise in gasoline prices is causing employers and nonprofits to ask whether reimbursing gasoline expenses to employees and volunteers will help them continue efficient operations. This video overviews the major points to consider and offers practical tips on how to start a plan. Relevant tax code sections are 61 (gross income), 62 (exclusions…
-
How to handle tax law complexity
Yesterday a business owner made a comment in conversation fearful of the complexity of tax laws and his perception that compliance regulations are getting worse. His perception is accurate but I did not say so. Instead, I said that it is not my intention to help him learn more about this overly complex field. This…
-
Everything you want to know about LLCs
I am creating a series of short video blog posts on Limited Liability Companies. This page is in development stage and will be published ‘piecemeal’ as content is created. What is an LLC? Is an LLC an entity? What is a “disregarded entity” LLC? Why does government sometimes refuse to recognize my LLC? Why does…
-
How to form an LLC as a business
This is part of a series of short videos on Limited Liability Companies.