With Tax Day fast approaching I thought I would share some of the most commonly overlooked tax deductions. If you are like me you look at the tax code and it drives you crazy. At last count the tax code was almost 75,000 pages long. How do CPAs deal with it every day.
Before I give you the 6 most overlooked deductions remember to consult a qualified CPA or tax professional before you decide to implement any of these. (more…)
It’s the Silly Season again. This year’s election cycle is bringing its own special brand of silly. Unless you live under a rock or are just waking up from a year long coma you know that Donald Trump and Hillary Clinton will be dueling it out this November to become the next President of the United States.
So April 15th has come and gone. It’s one of the least favorite days on the calendar. Some people ﬁle for an extension ever year at tax time, while others work feverishly to get them done by April 15th. So what happens if you don’t ﬁle your taxes?
March is a really busy time of year for most people. This year you have March Madness, Presidential Primaries, my 40th birthday, and tax season hits full swing. Not only you and I are really busy but the scammers and criminals are exceptionally busy. With April 15th fast approaching the tax related identity thieves are out in full force.
We have all received the emails from the concerned African prince that wants to wire us millions of dollars if we give him our account information. Hopefully everyone knows that it’s a scam. As the old adage goes if it’s too good to be true. Well I was away for a few days at a conference and when I returned I had this very ominous voicemail at my office.
Financial Planning as a profession is really good at making all sorts of rules around how much you should save, what you spend, and what kinds of risks you should take with your financial assets. I think the rules are good as a general guide but that every client’s situations are unique.
Once again it is everyone’s favorite time of year (TIC) and no I’m not referring to spring.
I’m talking about TAX time. April 15 will be here before you know it and in all my years of advising clients I am amazed that every year I have at least one client that has a nasty tax surprise (i.e. they owe Uncle Sam and the IRS a significant amount of money). Also just for clarification the only people who like tax time are the IRS, the Treasury, and CPAs. In other words the people all of us taxpayers pay.