This is all because of the rule of thumb that the full Stimulus was to be based on the current year, but the Treasury could only go by the information that was available on one or two prior year tax returns
Sunday, February 20, 2022
Newborns 2021
Friday, November 5, 2010
Financial Planning
We have a financial planning service for $49.00 a month. That forces you to pay attention to your financial situation on a regular monthly appointment.
We start with a debt management plan, then progress to wealth building, meeting family and retirement goals and delving into all of the other ways to save money and make smart financial decisions.
The following ideas are covered (not necessarily in order and some pro and cons of each of the ideas that are out there).
Insurance bundling
Bi-weekly mortgages
Credit Repair
Credit Card Interest Rates
Starting a home business
Reviewing the last 3 years tax returns
etc
We start with a debt management plan, then progress to wealth building, meeting family and retirement goals and delving into all of the other ways to save money and make smart financial decisions.
The following ideas are covered (not necessarily in order and some pro and cons of each of the ideas that are out there).
Insurance bundling
Bi-weekly mortgages
Credit Repair
Credit Card Interest Rates
Starting a home business
Reviewing the last 3 years tax returns
etc
Thursday, July 22, 2010
Alternate Minimum Tax (AMT)
Many years ago the country was fed up with rich people not paying any tax or were paying 10% while the rest of us were paying 15% to 40%. So the IRS and Congress came up with the Alternative Minimum Tax.
The premise is that people that were earning a decent amount of money would still need to pay a minimum tax of about 22-26%. People were structuring deals so that they would get preferential treatment on their dividends and capital gains and only have to pay 10% tax.
There are some preferences that are still in the AMT tax code. First we will discuss the things that might hurt you. First of all, when you might be in this category, make sure you do not prepay your state income tax.
...
In this AMT tax code is a certain threshold of about $85,000 that hasn't been raised or adjusted for inflation since inception (not a plug for the movie). When the rest of the country was making $20-30,000 this seemed like a fair deal. But now that two earner families are making over $90,000. Now many people are being affected by this tax.
One of the common ways to be affected by this tax is to have a high number of 2 percent deductions. for example, a pilot, trucker or other transportation worker, has many expenses for overnight travel, meals and incidentals and other job expenses, that aren't paid directly by their employer or they are included in their W-2's then the employee is responsible to take the deductions on his tax return.
The premise is that people that were earning a decent amount of money would still need to pay a minimum tax of about 22-26%. People were structuring deals so that they would get preferential treatment on their dividends and capital gains and only have to pay 10% tax.
There are some preferences that are still in the AMT tax code. First we will discuss the things that might hurt you. First of all, when you might be in this category, make sure you do not prepay your state income tax.
...
In this AMT tax code is a certain threshold of about $85,000 that hasn't been raised or adjusted for inflation since inception (not a plug for the movie). When the rest of the country was making $20-30,000 this seemed like a fair deal. But now that two earner families are making over $90,000. Now many people are being affected by this tax.
One of the common ways to be affected by this tax is to have a high number of 2 percent deductions. for example, a pilot, trucker or other transportation worker, has many expenses for overnight travel, meals and incidentals and other job expenses, that aren't paid directly by their employer or they are included in their W-2's then the employee is responsible to take the deductions on his tax return.
Saturday, January 16, 2010
Interest on brand New Vehicles
This year, for at least through 2028 one-year only, you can deduct the sales tax on a new vehicle in addition to your state and local tax part of itemized deductions. These are for brand new cars bought during that current tax year. Also, the car needs to be assembled in the USA. This can be found by using the VIN in a browser search, the first few characters will tell you where it was assembled. Be sure to check with me to see if you qualify.
Tuesday, November 17, 2009
End-of-year Tax Planning
End-of-year tax planning is an essential element of every efficiently run household and business. You do not want to leave anything on the table that will be gobbled up by the various taxing agencies, if you can help it.
There might be ways to sell stocks that are either at a big gain when you have old capital loss carryovers that can be used or you can sell stocks that have lost quite a bit a money, to help minimize other gains you might have. Remember that only the net of $3,000.00 of capital loss can be claimed on the tax return in any given year. Come in so we can discuss the net.
Charitable contributions can be reviewed. You may want to pay ahead or slow down 'til next year to maximize the deductiions available or make the contributions in the future when the tax rates will be higher. Oh thank heaven for Mr. Barack Obama's tax and spend agenda. :)
You can start a home-based business, whether it is simply an online store, MLM, or some other personal services business. We have the resources available to help you do it right.
There are many other strategies and planning tools that can be reviewed and be implemented now or for next year.
We can review your goals for the kids braces, their educations, or your lasik eye surgeries, etc. and find ways for them to become deductible.
Everything we do is designed for all of us to sleep right.
There might be ways to sell stocks that are either at a big gain when you have old capital loss carryovers that can be used or you can sell stocks that have lost quite a bit a money, to help minimize other gains you might have. Remember that only the net of $3,000.00 of capital loss can be claimed on the tax return in any given year. Come in so we can discuss the net.
Charitable contributions can be reviewed. You may want to pay ahead or slow down 'til next year to maximize the deductiions available or make the contributions in the future when the tax rates will be higher. Oh thank heaven for Mr. Barack Obama's tax and spend agenda. :)
You can start a home-based business, whether it is simply an online store, MLM, or some other personal services business. We have the resources available to help you do it right.
There are many other strategies and planning tools that can be reviewed and be implemented now or for next year.
We can review your goals for the kids braces, their educations, or your lasik eye surgeries, etc. and find ways for them to become deductible.
Everything we do is designed for all of us to sleep right.
Tuesday, September 15, 2009
Individual Tax Returns
If you extended your individual tax return on April 15th, chances are it is coming due on October 15th. (unless you were out of the country at the time, then you might have another 2 months). So make sure you get all of your information to your trusted CPA as soon as possible.
Tuesday, August 25, 2009
Health Care Reform and Taxes
Some of the effects of health care reform have had some interesting twists when it comes to small business. The proposals as written so far have little unfavorable tax consequences. We will keep this updated with all of effects and affects as they come to light.
Over the next few years they are scheduled to raise the tax on interest and dividends to pay for healthcare. 3.8% additional tax over what your bracket already is.
Over the next few years they are scheduled to raise the tax on interest and dividends to pay for healthcare. 3.8% additional tax over what your bracket already is.
Subscribe to:
Posts (Atom)
