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Posted on Monday, October 16, 2017

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...

The post Why Do People Fear Tax Audits More Than They Fear Overpaying? appeared first on Tax What If Doctor.

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Posted on Friday, September 29, 2017

First, right out of the gate, let us make it clear that we aren’t beating up on your CPA or Accountant.  The industry is perhaps the most honorable one!  That being said, there’s a misconception that they are going to be proactive when advising clients by nature, and that’s just not part of the training most have received.  Certainly some surely are, but the majority who know things about steps a business could take to perhaps be more aggressive, don’t feel it’s their responsibility to pursue a client in engaging in accounting choices or behaviors. A good example is “Bob” whom owns a tire shop that has grown from two employees to three locations and 32 full and part time...

The post If You Think Your CPA is Telling You Everything You Need to Know… Think Again. appeared first on Tax What If Doctor.

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Posted on Friday, September 15, 2017

IRS Gives Tax Relief to Victims of Hurricane Irma; Like Harvey, Extension Filers Have Until Jan. 31 to File; Additional Relief Planned WASHINGTON –– Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. Today’s relief parallels that granted last month to victims of Hurricane Harvey. This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15. “This has been a devastating storm for the Southeastern part of the country, and the IRS will move quickly to provide tax relief for...

The post The Next Three Blogs are Simply Repeating Information Directly from the IRS to Help Hurricane Victims! appeared first on Tax What If Doctor.

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Posted on Friday, September 15, 2017

Tax-Exempt Organizations Affected by Hurricanes Harvey and Irma Granted Tax Relief Tax-exempt organizations in parts of Texas, Florida, Puerto Rico and the Virgin Islands may qualify for tax relief from the IRS.  Organizations may get some extra time to file returns if they: are in the Hurricane Harvey and Hurricane Irma disaster areas, and have a filing due date after the hurricane hit and before Jan. 31, 2018. These organizations now have until Jan. 31, 2018 to file. The relief applies to original and extended due dates in this period. The start date of the relief varies by area. Texas: Aug. 23, 2017 Florida: Sept. 4, 2017 Puerto Rico and the Virgin Islands: Sept. 5, 2017 About annual information returns for tax-exempt organizations: Most organizations...

The post Posted on the IRS News Feed We are Trying to Help Get the Word Out! appeared first on Tax What If Doctor.

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Posted on Friday, September 15, 2017

Like Harvey, Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and members of their families. This is similar to relief provided last month to victims of Hurricane Harvey. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and liberalized hardship distribution rules. Though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures. Retirement plans...

The post Important Information From the IRS Regarding the Recent Hurricanes! appeared first on Tax What If Doctor.

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Posted on Friday, September 08, 2017

Seven days from now is the real tax filing deadline for 1041 (trust), 1065 (partnerships), 1120S (S Corps) returns that requested an extension in 2016. We often sift through our client and sometimes even prospects lists in our office and reach out on the 8th of September to “check in” and remind folks that a week from now we must be filing a tax return. People with trust income, run businesses and or have partnerships are often busy folks, and the date can sneak up on them. Then, you throw in distractions like Harvey, Irma (way more than simple distractions!) and yesterday EQUIFAX being hacked and everyone scrambling to protect their credit, and it’s not hard to imagine someone looking...

The post Call your business owner friends and remind them! Time is UP! appeared first on Tax What If Doctor.

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Posted on Friday, September 01, 2017

When you start tax planning with a new client, the first thing people often ask is why the accountant or CPA they are using doesn’t think or act the way you do in discussing the hunt for possible tax savings. After all, the current CPA is smart, trustworthy, running a successful accounting business and trusted in the community. So, why are you telling them all these wonderful new tax savings ideas that their CPA has never mentioned? There are many explanations, but the simplest is how the accountants themselves view the job that they do. Often, accountants think that the profession of accounting in its simplest form is the job of telling the story of money that has already come...

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Posted on Friday, August 25, 2017

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, 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...

The post Helping Clients Not Pay Tax on a Type of “Phantom Income” appeared first on Tax What If Doctor.

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Posted on Friday, August 11, 2017

Many times business owners have come into our office and with our help found that they were doing things incorrectly. Occasionally, the errors ad to the tax burdens that they have been under reporting. That never feels good, but it is always better to fix pre-audit. Often, errors discovered pre-audit can be simply fixed by amending the return and no IRS issues follow, and everyone just moves on. Even more often, the errors made were not in their own favor and we file amendments that net them large additional refunds for up to three years back and that always feels great. How do these mistakes happen? First, let us tell you a story. A young girl was watching her mother...

The post Mistakes Go Both Ways! appeared first on Tax What If Doctor.

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Posted on Friday, August 04, 2017

When I see the first back to school ad on TV or on the internet, I sigh…. I’m well past my school years so why do I care? Because back to school is code for “It’s time to do the last 15% of America’s tax returns.” Don’t get me wrong, that’s the business we are in and we love it!!! But for some of our clients it creates a great deal of stress as October 15 is the real deadline. On April 15, the IRS demands the tax dollars, but October is when the paperwork to prove it is due! People on extension often have complex situations, complex assets, or both. It is a really serious time thief for many....

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