An IRA, or Individual Retirement Account, can offer several benefits that make it easier for people to save for the future while lowering your tax burden. Over time, your Core Wealth IRA can blossom into a significant amount of money, even if you only contribute a modest amount each year. Before you decide to open [...]
Archive for the ‘ Taxes ’ Category
I Want My Clients to Pay $2 Million in Income Taxes!
It’s easy to find someone to do your taxes for you. You can go shopping while you get your taxes done, or you can just pull into a parking lot with a dancing tax man in costume on the corner. People can get their taxes done online, in a mall or after they are done [...]
1099 Reporting Requirement Repealed
What does the recent health care act have to do with 1099 reporting requirements? It sounds like the beginning of a bad joke, but that is the question that many people asked after the Affordable Care Act passed last year. The good news is that we now have an answer to that question. And, [...]
A Tax on Toilet Paper? Really?
I know that no one likes taxes, and it would be a major coup to have 100 people agree on what is the best taxation method, but we’ve truly gone through the looking glass folks. Tax Types Generally, you can tax anything or any activity, but most taxes center around the big three, real property, [...]
Loophole You Could Throw a 2X4 Through
The 2010 Tax Relief Act may have a large unintended loophole. The Act allows business to claim a 100% depreciation deduction in the year assets are placed in service for qualified assets. As usual, the devil is in the details. So what are qualified assets? Sure Thing As we’ve previously discussed in our letter on the [...]
Things That Will (Probably) Never Happen
Wanted to share some of the proposed tax law changes in the President’s budget. With the current political climate, it is hard to believe that the House will accept many of these changes, but really, who knows. Anti-Business Elements Raise Federal Unemployment Tax (FUTA) wage base from $7,000 to $14,000 Elimination of the LIFO inventory [...]
Why Outsourcing Payroll Makes Sense
I know that most would think it self promotion, but I truly believe that I would say the same thing if I were in a different industry. Processing your own company’s payroll COSTS you money. I don’t mean in the way some sales people use the phrase, but actually hard dollars you can put in [...]
Those EVIL SUV’S (or How You Can Destroy Air Quality and Save Taxes)
It’s like a B-grade horror flick, The Return of the SUV. Buried in the new tax law passed in December is provision to write off 100% (you read that correctly) of heavy Sport Utility Vehicles if it is used 100% for business. A Brief History Heavy SUV’s have long qualified under the popular Section 179 [...]
40% Penalty: Are you SURE it doesn’t apply to you?
There aren’t many penalties that large in the world, but leave it to the IRS to come up with one. There has been plenty of press about the IRS going after foreign tax evaders, putting the Swiss banks over the coals, etc, but none of that has anything to do with little old you, right? [...]
Pigs Get Fat and Hogs Get Slaughtered
Sometimes for the fun of it I read Tax Court cases. In a recent case, the IRS prevailed against a taxpayer who was trying to game the system and avoid payroll taxes by taking out little salary and a lot of dividends. Just the Facts Ma’am Funny thing is this taxpayer was a CPA in [...]