Category: Tax Planning
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5 tax reform proposals to watch out for in 2025
All of these are aligned with expressed Presidential and Congressional goals, so I assess that there is a reasonable risk that any or all of these could become law this year.
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40 Years of Tax Writing
I was living in Doylestown, Pennsylvania, while working for an investment banking firm headquartered in Manhattan. For convenience, I flew out of Bader Field in Atlantic City to LaGuardia Airport from my second home in Ocean City. It might sound like a cushy gig when I write it that way, but it was not. I…
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Realtors use taxproblems.cpa
Realtors at the top of the industry in sales production sometimes struggle with tax problems. Other life struggles are often a top concern. Two tools help: 1) a fnancial plan that prioritizes goals , 2) the ability to set aside fears and stress to work the plan.
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Seven foundational concepts of professional tax practice
Seven foundational concepts of professional tax practice:
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What’s included in tax services?
Lately I use the term “bundled services” to describe how my tax service differs from some other professional providers. We also use the term ” old fashioned” and “relationship-based”. Whatever we call it, my standard accounting engagement agreement includes a bundle of basic and preliminary services and a bunch of advanced services to ensure a…
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TurboTax user needs free tax advice
“I’m doing my tax return on TurboTax and I just have a quick question. I wonder if there is something wrong because I’m not getting any money back”. – a caller yesterday I pick up my own phone so sometimes I get these types of questions. Tax preparers tend to be irritated by calls asking…
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Noncash charitable donations
A snapshot of #tax issues related to large non-cash charitable deductions: – Taxpayers can avoid paying income tax on up to half of their income by making a donation to a properly registered #charity, so this is an important area of tax practice and dispute – Most taxpayers do not make charitable donations large enough…
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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…
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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…