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Year End Tax Planning for Individuals

Year End Tax Planning Starts with a Charitable Donation Assessment How Do You PLAN to Give Back Next Year?

If you happen to be like me - desperately seeking any distraction from this holiday season - there is no better time than the present to start some year end tax planning. Why is tax planning particularly important this year

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Posted in Tax Guidance & Preparation, Tax planning, Tax Reform

Tax Planning Time for Small Business Owners

Year End Tax Planning Starts with a Charitable Donation Assessment How Do You PLAN to Give Back Next Year?

Greetings fellow business owners and tax nerds alike! Tax planning time for small business owners is upon us. As we run full tilt into the holidays - between storing boats & fishing poles, repairing bikes, readying hunting gear and waxing

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Posted in Tax Guidance & Preparation, Tax planning

The Significance of Stepped Up Basis in Estate Planning IRC 1014

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death.  In an environment of inflating asset prices this usually means that the

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Posted in Basis, Cost Basis, Death, Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Tax planning, Trusts

Why You Should File Past Due Tax Returns NOW

Regardless of whether or not you are able to pay your tax liability in full, you should file all tax returns that are due. To do so, file your past due return the same way that you would file a

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Posted in IRS Collections, IRS Enforcement, IRS Mediation, IRS Penalties, Non-filed Tax Returns, Penalty, Tax Guidance & Preparation, Tax planning, Tax Problems & Requests, Taxpayer Advocate

AVOID PENALTIES – Get Income Tax Extension Requests Filed & Estimated Income Taxes Paid

Remember your US Income Tax extension request is ONLY for additional TIME to FILE your tax forms, your income tax payments, estimated or otherwise, are still due April 18th 2016. Most US Taxpayers forget that income tax payments are due in April, even if

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Posted in Extension, IRS Penalties, Tax Guidance & Preparation, Tax planning, Tax Problems & Requests

Deliberate Tax Free Compounding is the Secret of the Golden Flower

I am getting to be an old man now and so profoundly thankful that the lessons of tax-free compounding were impressed upon me at an early age. It has made a huge difference in my financial well being and subsequent

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Posted in Employee Business Expense, IRA, Retirement, Small Business, Social Security, Tax planning
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