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by TaxDoctor on November 25, 2020 at 9:16 pm
Why Do People Fear Tax Audits More Than They Fear Overpaying?
by TaxDoctor on November 20, 2020 at 2:48 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
Taxes or COVID or Both. Do You Have a Tax Plan?
by TaxDoctor on November 13, 2020 at 3:34 pm
With COVID at our heels again and Thanksgiving effectively canceled for many, it seems that a repeat of the first half of 2020 may be at hand. The arrival of the vaccine should make it less scary soon, but we still need to dodge the virus and keep our businesses open between now and when “anyone with no priority” can get vaccinated. It’s all distracting us from the wave that will affect or infect us, to which there will never be a vaccine, higher taxes for most and very soon. I can wear a mask, I can Zoom with grandma and owe her a hug, but I can’t change what’s about to happen to my tax bill. The Biden campaign
Helping Clients Not Pay Tax on a Type of “Phantom Income”
by TaxDoctor on November 6, 2020 at 2:00 pm
First, let’s say upfront that a business that has sources of income and expenses and leaves 25% profit on the table is an awesome business! Example: A Plumber makes $400,000 a year and spends $300,000 a year on plumbing tools, trucks, repairs, staff, insurances, etc., and walks away with $100,000 at the end of the year that he can put in his pocket; great business! It would be rare that it’s that easy. More likely, he puts $60,000 in his pocket and sneaks a few personal expenses into his plumbing books. In a very rare case in the other direction, 50% in expenses and 50% profit, but he probably wouldn’t do that every year. That would be a “magic year” with no repairs to fleet vehicles, no staff turnover,
Another Handy Halloween Treat!
by TaxDoctor on October 29, 2020 at 4:30 pm
No trick! Opportunity zones are your treat this Halloween. Year-end tax planning, the stock markets, and opportunity zones are all on a high speed merge around the country. Hopefully, the information is getting to the correct people, but even if you are seeing this for the first time, you still have time to get educated and perhaps take advantage. Let’s break it down. Opportunity zones are a new governmental offensive to bring targeted areas around the country jobs and investment in infrastructure. There are many layers and details, but for this purpose, we will stick to a high-level discussion and focus on two parts. Part one: What are they? They are specific, clearly defined geographic areas around the country. Opportunity
Taxes Are Due In