A small, largely unnoticed, tax law change included in the 2020 year-end COVID-19 relief bill signed into law by Congress includes a significant change to the tax code. This change could be a windfall for wealthy Americans and business owners who may be considering various life insurance products as a way to shelter assets and …
Millions of Americans are now working remotely or from home due to the ongoing COVID-19 pandemic. Many don’t know when or if they will return to the office as usual. If you or any of your employees are among this legion of remote workers, there are some especially important tax tips to be aware of. …
A cost segregation analysis is a powerful way to cut your tax liability and boost your personal or business cash flow. This month let’s revisit this important topic with a real-world case study to illustrate just how valuable this strategy can be. If you have purchased or remodeled any residential rental or business real estate …
Many businessmen, and their accountants, are still getting used to the sweeping tax law changes introduced in President Trump’s Tax Cuts and Jobs Act (TCJA) that went into effect in 2018. But it’s never too early to get a jump on tax savings moves you can make now, before year end. After all, it’s always …
There are enormous differences between the two Presidential candidates for Election Day 2020, Trump versus Biden. Perhaps the biggest difference boils down to their very different tax policies. In fact, it amounts to a $6.3 trillion difference over the next decade! President Trump maintains that the biggest achievement in his first term was the 2017 …
Recently Tax Savings Professionals had the opportunity to present a roundtable webcast: Current State of Affairs: Strategies for a Successful Tomorrow. Below is an edited transcript of this far ranging conversation about urgent topics many folks are concerned about today. Led by our own Ted Zamerski, CPA/PFS, CFA, CGMA, the conversation also features Brian Shey, …
We typically only think about taxes when preparing to pay Uncle Sam. Making small changes to how you look at and approach your finances and taxes throughout the year, however, can add up to big savings on your taxes. There are many strategies that can be used, but here are five just to get you …
There is an very funny scene in the movie The Wolf of Wall Street, when Max Belfort (played by Rob Reiner) bursts in on his son, Jordan Belfort (Leonardo DiCaprio) demanding to know why he spent $26,000 on a single client dinner expense. And while the IRS does allow deductions for T & E, or …
According to the IRS, the percent of all tax returns audited for tax year 2017 was 0.5%. That number went down to 0.45% for tax year 2018. The even better news is that most of the returns audited were done so via correspondence – 74.8% of all audited returns filed in 2017. So, the likelihood …
Many people believe their CPA plays the same role as a tax professional would. But they actually play two very different and distinct roles. Both are important and you need both. The distinction comes down to the roles they each play in your financial welfare. Your CPA is typically the person who prepares and files …
