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Posted on Thursday, July 12, 2018

The IRS just gave guidance that a nondeductible IRA may still in fact be converted into a Roth IRA.  For those who didn’t know about that planning strategy in the past, at a certain level of income people were no longer allowed to deduct their IRA contributions.  Many advisors thought that the rule was that the higher income earner could not open an IRA, which was incorrect.  You simply lost the ability to deduct them. Why would I open an IRA that I could not deduct?  It was still tax differed growth after it was opened, so a “tax differed annuity” that could be invested in any way an IRA could be.  Later, with the creation of a Roth IRA...

The post Finish Line 2025 a Marathon for Tax Planners and Their Clients appeared first on Tax What If Doctor.

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Posted on Friday, June 29, 2018

In May, people will be filing there 2018 Tax Return in another 7 months with a recurring Moooooan and Grooooooan. Now is the time to take your preventative medicine and avoid the pain! We all form habits, we are human. We try to develop good ones to replace the bad ones and often we are successful but most successes don’t come without a coach, cheerleader or some kind of support. Tax Time is usually a time of regret over not being successful at last years promise to oneself, “I not going to pay this much again, I`m going to keep better records and search out a Tax plan or some professional help and get smarter about this!” Then summer comes...

The post Summer is the Time to Fix your Income Tax Problem! appeared first on Tax What If Doctor.

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Posted on Friday, June 15, 2018

There is so much good in the business world from the new tax laws that we feel bad to even mention this, but we did lose some deductions that had become automatic in so many minds that we feel we must! As business people ourselves and for as long as we can remember, taking a client or prospect out to eat or to a round of golf or a concert has always been how business is done!  Then tax deducting it is also how business got done…NOT ANY MORE!  It’s time to review the old and new tax rules, and perhaps nothing changes, as business getting done first always trumps (no pun intended), and deducting it was a pleasant after-effect.  Perhaps the fact that deducting meals with prospects was allowed you to splurge...

The post Remember Client/Prospect Meals and Fun are Largely No Longer Deductible! appeared first on Tax What If Doctor.

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Posted on Friday, June 08, 2018

It is soon to be celebration time all across the U.S.  Our Independence Day, our birthday is on the horizon.  It is summer, Veterans day and Memorial Day and even the 4th of July make us all think about all of the sacrifices that were made to get us here.  We are very, very thankful.  Everyone should be.  When celebrating most folks focus more about everything that happened in the Colonial period.  The Revolutionary War was the gateway to our independence.  The desire for independence was fought over many things but mainly about taxation.  The Boston Tea Party and many parts of the revolution were spurred in part from being levied and taxed on every single thing that we did.  The quote “taxation without representation is tyranny” was...

The post Financial Fireworks and the 4th of July. appeared first on Tax What If Doctor.

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Posted on Friday, June 01, 2018

It’s June, and people will be filing their 2018 tax return in another 7 months with a recurring moan and groan. Now is the time to take your preventative medicine and avoid the pain! We all form habits, we are human.  We try to develop good ones to replace the bad ones and often we are successful, but most successes don’t come without a coach, cheerleader or some kind of support. Tax time is usually a time of regret over not being successful at last year’s promise to oneself, “I’m not going to pay this much again, I’m going to keep better records and search out a tax plan or some professional help and get smarter about this!”  Then, summer...

The post Summer Is the Time to Fix Your Income Tax Problem! appeared first on Tax What If Doctor.

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Posted on Friday, May 25, 2018

Everywhere I go, like the dandelions popping up all over my lawn no matter hard I work at their extermination, there are cars on the side of the road and the unmistakable buzz of people with “yard sale face” rushing to see what hot deals they can find.  It’s a summer ritual, and as badly we all crave summer, a welcome sign.  The biggest yard sale we have ever seen has been open and running for almost a decade now and still not many people are parking out front and rushing in and THEY SHOULD BE!  It’s the capital gains tax rate and it’s a big sale. Does the IRS really have “Yard Sales?”  Yes, all the time! The tax...

The post Its Yard Sale Season – Don’t Miss the Best One at the IRS! appeared first on Tax What If Doctor.

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Posted on Friday, May 18, 2018

  Now that spring has sprung, it’s easy for people and advisors alike to drop the subject and not want to think about taxes for a while.  That is unfortunate, as most tax advice needs to be given by May or June to have long enough to help your clients when it’s time to file their next tax return.  Send them a contact like this one below and help them plant tax saving seeds they will enjoy next New Year!   Tax Planning has often been misunderstood because the advice that our parents gave us is theoretical and absent the consequences from the tax code.  What do I mean by that?  There are general principles in life that have been passed...

The post Your Parent`s Advice Was in a “Tax Vacuum” and Likely Should Be Ignored! appeared first on Tax What If Doctor.

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Posted on Friday, May 11, 2018

It’s hard to be logical all the time about everything.  The most financially successful tax clients we serve at least attempt to force themselves to be logical, for their own benefit.  For instance, our parents, as well as a subset of the economy including some popular radio show based advisors like Dave Ramsey, say you should pay off your home and have a “free and clear” deed as a goal (they are wrong in most cases by the way).  That kind of thinking is emotional thinking, mixed perhaps with some presumptive attitude about what the general populous is capable of.  “Well, we know we can’t get people to do what would really be best for them based on pure math...

The post Why We Waste Time and Therefore Money! …and What To Do About It! appeared first on Tax What If Doctor.

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Posted on Thursday, April 26, 2018

With tax season now behind us, except for all of those who are on extension, tax planning takes a new turn.  People are going to senior fairs, home shows, boat shows.  It’s great to get out of the house and start getting out into the world again and everybody has some kind of wish list and plan for the summer; it is so short after all.  If you’re about to invest in a boat (I use the word invest with tongue in cheek as a boat as a whole and the ocean that you pour money into) or in landscaping for your home, new windows, new roofs, whatever you’re up to, there just may be a tax component involved.  Many...

The post A Must Do to add to your Summer list! appeared first on Tax What If Doctor.

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Posted on Friday, April 13, 2018

There’s a lot going on in the world right now, and a lot of new platforms to look at it on, but the best policy is to focus on tasks and don’t get distracted.  Since the invention of the Internet, people have become overloaded with information, and much of it is not necessarily true, or at least it’s slanted to create an opinion that has a business purpose behind it; fake news and many other ways that people can twist the truth.  Meaning that you have to be very careful about taking action on something after you hear about it without a little further digging.  This is especially difficult to do when people’s attention spans have shortened.  The other day, I had a...

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