Our Blog

  • Why Do People Fear Tax Audits More Than They Fear Overpaying?
    by TaxDoctor on October 18, 2019 at 5:15 pm

    Ask anyone if they “pay too much income tax” and the knee jerk reaction is almost always, “Yes!” and without much hesitation.  Why do we call that a knee jerk reaction?  Because if you then follow the question up with two more questions, “What did you pay in federal tax last year? And/or what bracket are you in?” they almost as quickly say, “I don’t remember, or I’m not sure”.  Or they might guess at a bracket percentage, but usually not correctly.  I’ve even had people profess the pain of paying too much in tax only to discover that not only did they get back all of their withholdings, but were given tax credit refunds of money they did not […]

  • Fix the Underpayment Tax Penalty You’re Headed For with A Simple Halloween Trick 😮
    by TaxDoctor on October 10, 2019 at 3:22 pm

    In a few months the U. S. will begin filing tax returns again, and at tax firms all over the country people will be making the “E-Trade” Shocked Baby Face (remember him?) when they see they are being charged penalties and interest for under paying their taxes due. Even if they made a 941 payment in the last quarter to cover ALL the tax due for the year, they can still find themselves fined by Uncle Sam as a penalty for not paying equally over the four quarters of the year. A last quarter over payment simply means they underpaid for three quarters and overpaid for one quarter, and no, it’s not “good enough” for the IRS. People also argu […]

  • The Tax Clock Is Ticking
    by TaxDoctor on October 4, 2019 at 2:16 pm

    We are nearing the October 15th filing deadline, so all the crying is almost over 2018 tax return submissions.   We blogged throughout the summer on various topics, but now you’re down to a few weeks to effectively do 90% of what can be done to affect your 2019 tax liability.  Only a few things can be done in 2020, once you realize how big the bill actually is.  If you’re an individual making less than top wages, you can open and fund IRAs after January 1st, 2020, that can reduce your 2019 tax bill.  Other than that, there’s little that can be done once the ball drops on New Year’s Eve.  You have until then to get your act together, figure out where your tax […]

  • People Love to Vacation
    by TaxDoctor on September 30, 2019 at 12:42 pm

    Some do it often, while others hold on all year for that one great week and live day by day until that magical start date on the calendar!  A new wave in our digital age is to only take three or four day weekends, but do it more often.  However you “vacation”, they do have one common thread, and that is that they are not free.  Furthermore, when you are officially vacationing (which becomes a mindset as well….”I am officially on vacation as of right now!”) you spend more freely, often with a disregard for cost shopping. “I’m stopping at Starbucks for the mocha frappe latte, not Dunkin, cause I’m on vacation!”. What if next vacation you could upgrade to […]

  • Tax Planning: It Isn’t Just For Breakfast Anymore
    by TaxDoctor on September 13, 2019 at 3:21 pm

    All around the country, there are people in an absolute panic because the real tax deadline for personal tax return extension filers is approaching and they are running out of time.  A few blogs ago, we talked about how to possibly deal with not being ready for the corporate deadline on September 15th .  We don’t have an amusing anecdote for the October 15th deadline like we did for the corporate deadline.  The deadline is the deadline. The exception would be for those who have been affected by flooding or other natural disasters and may be given an extended deadline by the IRS.  Those people may now have until December 31st to file, but would need to check the IRS website to see if they are in an affected area […]

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