A few years ago, the IRS decided it needed to regulate tax preparers. After all, too many of these folks are fly-by-night cheats, others create fraudulent returns, and most of them fail to stay up-to-date with IRS regulations and tax laws.
Continue reading To Fee or Not to Fee…
Mea Culpa!!!!!
I really should have thought about this when I was presenting the results of studies on what tax programs folks can use. (To recap- if you are at the 50% income level or below (~$66K or below), there are free programs that let you file your taxes. [Note: Many of them actually charge for state filing; it’s just the federal filing that’s free.] One offering is great if you don’t itemize; if you do, these folks recommend that you choose another. But, if you an unincorporated business, own (all or part of) an established business (that requires separate tax filing), possess a moderate-to-large stock portfolio, own a rental home or building… then you need our services.)
Continue reading Free is never really free
I became deeply interested in the stock market back some 60 years ago.
Our class was given $ 1000 (no, not in real money) and we were to buy and sell stocks- even options (puts and calls)- over the course of a few months. The ones who had the most money at the end of the program would win an award.
Continue reading Financial Literacy
You know the tax law has changed. And, for many of you, that means that itemizing is no longer an option. (If you are married, the threshold of deductions needed to itemize went from $ 12K to $ 24K- and you are limited to $ 10K for the TOTAL of your property taxes and state/local income taxes. Of course, you could do as I have done for many a client- filed separately for the first time in decades. Where the threshold is $ 12K- and you still have that 10K max for property/state/local taxes….)
Continue reading We covered death. Now, it’s time for taxes.
This is the fifth part of our series that started last Monday. On death, dying, and preparing for those days.
Advanced Medical Directives. Letter of Instructions. Last Will and Testament. All of those are important.
Continue reading Avoid Probate?
As we plan to keep ourselves and families whole should something happen to us, we need to consider yet another document. A Will. A Last Will & Testament. (This is part three of the five-part series that started on Monday.)
Continue reading The Will Leads the Way
When we reach a certain age, we wonder to whom and how we will give our possessions. But, the “Last Will and Testament” should not be our first focus. We really need a complete plan.
Continue reading When I get older, losing my hair…
I’ve discussed the new QBI (Qualified Business Income) regulations several times over the past few months. That’s the new classification that the Tax Cut & Jobs Act has provided to afford pass-through businesses the ability to shield 20% of their profits from income taxes.
One of the largest components (by number of practitioners) in our financial and managerial advisory services is real estate.
Continue reading Real Estate Gets Its Rule
