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Posted on Friday, December 03, 2021
At the end of the year the Salvation Army red kettles come out, the bells ring and the charitable organizations turn up their activities for fundraising, hoping to appeal to the holiday spirits of people, and in some cases the tax planning needs of businesses and corporations as well! Speaking of charitable giving and tax planning, there is one very useful tool that many senior citizens are not aware of that can help with both; the “QCD” or Qualified Charitable Distribution.  This allows someone who is required to take money from their IRA (due to their age) the ability to have it go directly from the IRA custodian to the charity and have it essentially “skip” their tax return, while still...

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Posted on Wednesday, November 24, 2021
From our family to yours, have a safe and happy holiday weekend!

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Posted on Friday, November 19, 2021
Many investors have had success this year, which might mean that capital gains tax reporting is on it’s way to their 2021 tax returns.  If you own stocks you love and you didn’t sell this year, then you have no tax issues, so no problem for the direct buy and hold group.  However, many people own mutual funds and or have money management strategies that cause them to buy and sell securities throughout the year.  Even if the investor did not sell or take a redemption, others in their collective group did, so every investor in the group will share in the tax burden. That said, it’s not too late to deploy a tax saving countermeasure.  It’s a limited window...

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Posted on Friday, November 12, 2021
The Journal of Accountancy has released these 2022 tax rates from the IRS: The 2022 standard deduction will be $12,950 for single taxpayers (and married individuals filing separate returns), $25,900 for married taxpayers filing jointly, and $19,400 for heads of household, which for 2021 are $12,550, $25,100, and $18,800, respectively. Other changed amounts for 2022 (arranged by Code section order) include: Unearned income of minor children (“kiddie tax”): For tax years beginning in 2022, the amount used to reduce the child’s net unearned income is $1,150. Maximum capital gains 0% rate: $83,350 taxable income for married couples filing jointly, $41,675 for single taxpayers and married individuals filing separately, $55,800 for heads of household, and $2,800 for an estate or trust. Maximum capital...

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Posted on Friday, November 05, 2021
In the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs.  Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant to get your taxes done.  There was no internet, so information was something you had to gather and organize yourself.  You would talk to a few co-workers, a family member, a mentor and then take actions based on the limited intel.  Back then, you would sit with a financial advisor, and if they were a big deal they might have a stock ticker pumping out tape...

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Posted on Friday, October 29, 2021
The events of the past few years have brought significant changes to the lives of almost everyone, and our financial future as a country is tenuous as a result!  As Fall takes hold, there is still time to at least make one glass of lemonade from all the lemons, but people need to put time on their calendar in November to focus on their own opportunities, or risk not discovering the one benefit they might receive from a global pandemic. There are many categories and levels of financial affects that have taken place, but for simplification in this case we will separate everyone into two groups.  People negatively affect (many ruined or greatly wounded) and those on the other side,...

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Posted on Friday, October 22, 2021
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 argue...

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Posted on Friday, October 15, 2021
In October, as Halloween approaches, the fall wrap up begins around the house.  Any remaining lawn chairs, storm windows and etcetera, all go into place ahead of the first storm.  Sure, for some places, like Arizona, winter is just a nice break from the heat.  But, for a majority of the country that lives in the snow belt, November means batten down the hatches. The same is true for finance and tax planning.  People start looking at their holiday shopping budgets and looking at their end of year projections (if they’re financial goal setters) to see where they are at.  We often talk about tax planning, but the 911 calls start in early December, and there’s a lot that still...

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Posted on Friday, October 08, 2021
With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter.  The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great.  Time to fill up your oil tanks before the price change, and at least know where those snow tires are in the back of the garage.  It’s also time for tax planning. There are so many things in the tax code that have time limitations.  It’s really time to check in with yourself if you want to actually participate in your bill with the IRS.  Taxes can be very much within people’s control, even though they don’t feel that way.  If you’re still out on extension, heads up — you...

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Posted on Friday, October 01, 2021
That’s a reference to an old cartoon where Bullwinkle the moose was about to do a magic trick and would push up his fur, as if it was a shirt, and say “nothing up my sleeves, PRESTO” and pull a rabbit out of a hat.  It would never be a rabbit that came out of his hat, of course.  The trick always went wrong and instead he would pull out Rocky the flying squirrel, his cartoon partner in adventures. Sometimes, when the IRS is defining (or more so not fully defining) tax policy and rules, they do something that has an unexpected “presto” result, and something else comes out of the hat. Normally those “unintended consequences” are exploited right away...

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