Every year we have new clients come to us to have their personal tax returns prepared because they are finding complying with the U.S. tax laws too complicated or preparing the returns consumes too … [Read more...] about THE BANK SECRECY ACT MAKES SELF-PREPARED TAX RETURNS VERY EXPENSIVE
IRS Tax Planning Ideas, Tips & News
SHAREHOLDER COMPENSATION – BE PRUDENT AND TAKE THE NECESSARY STEPS TO DOCUMENT REASONABLENESS
We periodically remind our S Corp. clients of the importance of paying themselves a reasonable salary. We offer to perform a reasonable compensation analysis for them for a nominal cost, especially in … [Read more...] about SHAREHOLDER COMPENSATION – BE PRUDENT AND TAKE THE NECESSARY STEPS TO DOCUMENT REASONABLENESS
ESTATE (NON) PLANNING – IT SADDENS US TO HEAR
How sad it is to hear from a client that a loved one passed away and there was no estate plan in place. Grieving over the loss of a loved one is difficult enough without having to face the challenges … [Read more...] about ESTATE (NON) PLANNING – IT SADDENS US TO HEAR
LOAN GUARANTY CREATES IRA CRISIS
Listen to the pitch, and then lose your shirt! Taxpayers are always looking for a means to reduce taxes and to use the Tax Code to their advantage. There is ABSOLUTELY nothing wrong with doing so. … [Read more...] about LOAN GUARANTY CREATES IRA CRISIS
TUITION EXPENSES – HOW MUCH CAN YOU CLAIM AS A TAX CREDIT?
The Tax Court case of Terrell, T.C. Memo. 2016-85, May 2, 2016 is an interesting case because not only does it address how much tuition a taxpayer can claim as an education credit, but also … [Read more...] about TUITION EXPENSES – HOW MUCH CAN YOU CLAIM AS A TAX CREDIT?
HEALTH SAVINGS ACCOUNT – AN ALTERNATIVE STRATEGY
If you own a Health Savings Account (HSA), you likely contribute to the plan each year and then withdraw funds from the plan to pay for medical expenses. The benefit to you as an employee is that your … [Read more...] about HEALTH SAVINGS ACCOUNT – AN ALTERNATIVE STRATEGY
