Congress has been getting better at hiding tax increases on the middle class the past decade or so. The Secure Act, and to a lesser extent Secure Act 2.0, are prime examples of how Congress saddled the middle class with higher taxes under the guise of providing better opportunities in retirement planning.
The right entity can reduce taxes for small business owners while reducing legal liability. Careful consideration between organizing as an LLC or an S-corp lays a solid foundation.
Tom Godwin’s short story, The Cold Equations, was published in the August 1954 issue of Astounding Magazine. Many consider it to be the best science …
Prolonged stress leads to burnout. Lack of control over the source of the stress increases the risk of burnout. Here are some alternatives for accountants feeling burnout.
Behind every “Thou shalt not deduct” is a hint of deductibility. In taxes nothing is an absolute. The cookie-cutter response to a question is the easiest answer to save time and is usually right. But a bit of planning can turn those “no deduction” answers into, “Yes, you may deduct that.”
When people have infinite banking explained to them for the first time it seems like a magical and risk-free way to grow wealth. The idea of replacing the hated bank with borrowing from yourself makes so much more sense. But it does require replacing the “hated” bank for the “hated” insurance company.
Considering how much money is involved, this is a serious financial issue. Vacation time may be a time to relax and unwind, but if you are in a tourist area (cruise ships easily qualify) you need to keep at the highest alert or it might be the last vacation you can afford.
Level of expertise: No single accounting or tax professional can know everything in the field. Sometimes they need to call in a specialist or tag-team with another professional to perform their duties at the highest level. This is not incompetence; it is professional responsibility. If you have a complex issue, do not feel bad if your accountant needs help on that project. For the record, I often consult other professionals when writing posts for this blog. It is often a reason why I don’t publish more. I like to cover as many bases as possible.