Blog

A trusteed IRA offers provisions beyond a custodial plan, but is it a good strategy for clients? That answer depends on several factors, including how much control — or not — the client wants their beneficiaries to have. Under the tax code, an IRA can be established as a trust or custodial account. With a trusteed IRA, a financial organization adds trust terms and language to the plan. Thus, the...

Taxpayers contesting IRS assessments of additional taxes, penalties and interest have a number of different options to contest and appeal those assessments. One of those options includes bringing a case to the United States Tax Court (Tax Court). Here are some Tax Court practice tips for taxpayers: 1. Know What Tax Court Is Congress created the Tax Court as an independent judicial authority for...

For many people, thinking about retirement simply means contemplating enjoyable ways of spending time during their golden years. What some people may not account for, however, is the impact taxation can have on savings, investments, and cash withdrawals. Just as it is important to plan your investments—and it is never too soon to start—it is also wise to consider your strategy for withdrawals...

There are plenty of myths about franchising. A great deal of them revolve around money. I hear these two statements a lot: “Franchise companies make most of their profits from franchise fees.” “If it wasn’t for those franchise fees, I’d probably consider buying a franchise business.” In this article, I’m going to teach you all about franchisee fees, including why you pay them and how franchisors...

Did you get a large refund this past April? More than $1,000? Or perhaps you owed money and had to write a check you didn’t want to write? It may be time to sit down, sip your beverage, and learn a bit about how to adjust your tax withholdings. Withholdings are the taxes your employer takes from your pay each check, and it all starts with your payroll department. It’s not too tough once you...

Most people don’t think about taxes on their way to the track or casino, but what might seem like nothing more than the chance to win some extra money actually carries significant tax implications. As is often the case, federal and state governments single out casino winnings for unique taxes of their own. Failure to properly report your haul may result in penalties and headaches, so be aware of...

The restaurant industry has areas that are totally specific to it. Those who want to get into that area, who want to do it right, need to become experts in those areas that really differentiate that industry: Most restaurant clients are tax oriented clients; sometimes you will have audits if you have a large restaurant group or franchise with a significant amount of debt level. Within the tax...

Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to...

This time of year our thoughts turn to giving– to friends, family, and to charity. And it is also the time of year that we begin to think about – taxes. If you volunteer, you may be wondering “how does volunteering for a charity affect my taxes?”. Though the time you give to a charity is priceless, the value of your time is not tax deductible on your tax return. That may not seem fair, but it is...

It’s hard to believe that the holiday season is already upon us and the year will be coming to a close soon! Now is a great time to make some end of season tax moves to help lower your tax bill and increase your tax refund come tax time. Once the year ends, so do most of your opportunities to reduce your 2016 taxes. Here are 10 quick and easy end of year tax tips you still have time to take...