Our Blog

  • The IRS Is Having A Yard Sale And It’s Got A Real Bargain!
    by TaxDoctor on June 18, 2021 at 1:54 pm

    It seems like everywhere I go, there are cars on the side of the road and the unmistakable buzz of people with “yard sale face” rushing to see what hot deals they can find.  It’s nice to see some post pandemic normalcy. It’s always been a summer ritual, and as badly as we all crave summer, a welcome sign.  The biggest yard sale we have ever seen has been open and running for almost a decade now and still not many people are parking out front and rushing in and THEY SHOULD BE!  It’s the capital gains tax rate and it’s a big sale. Does the IRS really have “Yard Sales?”  Yes, all the time! The tax code is much

  • People Love to Vacation.
    by TaxDoctor on June 11, 2021 at 2:18 pm

    Some do it often, while others hold on all year for that one great week and live day by day until that magical start date on the calendar!  A new wave in our digital age is to only take three or four day weekends, but do it more often.  However you “vacation”, they do have one common thread, and that is that they are not free.  Furthermore, when you are officially vacationing (which becomes a mindset as well….I am officially on vacation as of right now!) you spend more freely, often with a disregard for cost shopping.  “I’m stopping at Starbucks for the Mocha Frappuccino, not Dunkin, cause I’m on vacation!”. What if next vacation you could upgrade to fly

  • Tax Planning Light Bulb Moment
    by TaxDoctor on June 3, 2021 at 6:13 pm

    Ever had a “light bulb” moment?  I have been driving for many years.  I’ve driven at least a million miles and I own a few cars (I collect certain types), and when driving my spouse’s car or one from the collection that I haven’t driven in a while, inevitably it’s time to gas up.  I pull up to a pump and get out and realize that the gas cap is on the other side, back up the car, turn it around with a sigh and fill it up.  Then this year the “light bulb” moment.  While trying to figure out the dashboard “iPhone” charger fuse location, I happened to be looking at the diagram of the fuel gauge in the manual

  • Roth IRAs Are Often Misunderstood
    by TaxDoctor on May 27, 2021 at 6:24 pm

    When people save for retirement they almost automatically use accounts that avoid tax now.  IRAs, 401(k)s, 403(b)s, 457s, all pretax retirement savings plans.  Certainly, long term savings uninterrupted by withdrawals and the effect of compounding interest on interest earned is unarguably valuable, but doing that in pretax accounts is NOT the only way to have that happen!  Non-qualified annuity and Roth IRAs allow the same mechanics of compounding to happen, and in retirement both can be as valuable depending on the circumstances and actions of the retiree. Annuities are underappreciated as a tax planning tool, because of the way earnings are treated as ordinary income upon withdrawal.  However if annuitized at retirement (an option the advisors that distribute them often

  • Biden’s Tax Proposal and the Resulting Tax Planning Shifts
    by TaxDoctor on May 21, 2021 at 1:36 pm

    Although currently very little has actually changed tax rules wise, many things are proposed.  Under an executive order a few things have actually changed around child credits, so if you have children there are benefits starting now for many Americans in the lower tax brackets.  Also, one item that affects many small business owners is a change in the premium tax credit.  In the past, when people receiving subsidies from the insurance market place earned over 400% of the poverty level in income (around $40,000), they had to start paying back some or all of that premium subsidy. That amount for the next year has been raised, allowing most to not pay back any premium.  These changes are in affect

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