Our Blog

  • Time to Give, but Also Receive (from Uncle Sam)!
    by TaxDoctor on December 3, 2021 at 3:07 pm

    At the end of the year the Salvation Army red kettles come out, the bells ring and the charitable organizations turn up their activities for fundraising, hoping to appeal to the holiday spirits of people, and in some cases the tax planning needs of businesses and corporations as well! Speaking of charitable giving and tax planning, there is one very useful tool that many senior citizens are not aware of that can help with both; the “QCD” or Qualified Charitable Distribution.  This allows someone who is required to take money from their IRA (due to their age) the ability to have it go directly from the IRA custodian to the charity and have it essentially “skip” their tax return, while still

  • Happy Thanksgiving!
    by TaxDoctor on November 24, 2021 at 2:32 pm

    From our family to yours, have a safe and happy holiday weekend!

  • It’s Stock Loss Harvesting Time
    by TaxDoctor on November 19, 2021 at 3:19 pm

    Many investors have had success this year, which might mean that capital gains tax reporting is on it’s way to their 2021 tax returns.  If you own stocks you love and you didn’t sell this year, then you have no tax issues, so no problem for the direct buy and hold group.  However, many people own mutual funds and or have money management strategies that cause them to buy and sell securities throughout the year.  Even if the investor did not sell or take a redemption, others in their collective group did, so every investor in the group will share in the tax burden. That said, it’s not too late to deploy a tax saving countermeasure.  It’s a limited window

  • The 2022 Tax Code Adjustments Are Out…But Are They Reliable?
    by TaxDoctor on November 12, 2021 at 2:34 pm

    The Journal of Accountancy has released these 2022 tax rates from the IRS: The 2022 standard deduction will be $12,950 for single taxpayers (and married individuals filing separate returns), $25,900 for married taxpayers filing jointly, and $19,400 for heads of household, which for 2021 are $12,550, $25,100, and $18,800, respectively. Other changed amounts for 2022 (arranged by Code section order) include: Unearned income of minor children (“kiddie tax”): For tax years beginning in 2022, the amount used to reduce the child’s net unearned income is $1,150. Maximum capital gains 0% rate: $83,350 taxable income for married couples filing jointly, $41,675 for single taxpayers and married individuals filing separately, $55,800 for heads of household, and $2,800 for an estate or trust. Maximum capital

  • “Don’t Let the Tax Tail Wag the Dog!” Can Be Bad Advice
    by TaxDoctor on November 5, 2021 at 2:21 pm

    In the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs.  Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant to get your taxes done.  There was no internet, so information was something you had to gather and organize yourself.  You would talk to a few co-workers, a family member, a mentor and then take actions based on the limited intel.  Back then, you would sit with a financial advisor, and if they were a big deal they might have a stock ticker pumping out tape

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