Hello Fellow Taxpayers, Over the past few days, a couple of situations occurred that I want to share with you. This is more of a “be forewarned” type of email. Someone near and dear to me received a voicemail from an individual asking him if he had a particular model car. The caller began with - "there was an accident you were involved in and someone is going to die." There were two problems; one the call came from an area far...
Hello Fellow Taxpayers, Have you ever gone to a restaurant and ordered a Coke, but the server said that they only had Pepsi? Unless you are my lovely wife who actually does not like Pepsi, do you usually say “Whatever”? Well, your name is very important when dealing in the tax game. When a client comes in, specifically a new client, they fill out the client profile and provide me with their driver’s license. We always ask for a copy of...
Morning Fellow Taxpayers, I was going to write about Triple Net leases and how they generally don't qualify for the 20% Qualified Business Income Tax Deduction (new §199A); However, Ali said what I wrote was way too complicated for this email. As such, she is going to publish it as a blog. If you or someone you know is a landlord and has tenants on a Triple Net Lease, they need to schedule a consult with their tax advisor or me....
Hello fellow taxpayers 8.4%!!! What does this mean? If you have been listening to the news recently, all the pundits and the know-it-alls are telling anyone who will listen that the average taxpayer is getting 8.4% less on their refunds. Well, my fine fellow tax filers, it's your own money. Let’s not forget that if you are getting a refund (not due to an extraordinary item), you paid too much. This money goes into the government war chest (or "wall" chest); is...
Hello Taxpayers! Over the past week or so, several new clients have come in. Each handed me ONE 1099-MISC. This form showed an amount in Box 7 (“Non-employee Compensation”), which indicates that they were treated as independent contractors and not employees. So before I went through my litany of questions such as what type of expenses they had, I confirmed with them that they only worked for this one company as they gave me just ONE 1099. It is apparent that...
Hello Fellow Taxpayers, Well, the GOAT has done it again. Though it was not the best played Super Bowl of all time, the best quarterback and maybe the best head coach of all time, won their 6th championship, more than anyone else. Also, they are both, the oldest to have done so. The point, my friends is that there is hope for us to succeed, no matter how old we are. We can always do better at our jobs, our relationships and...
Hello fellow taxpayers. This is a short, LOL! but very important email. I am repeatedly asked about the 199 Cap A by folks that have businesses; even though I have mentioned this subject before it bears repeating. One of the most complicated aspects of the tax law is the new “20% Qualified Business Deduction”, also referred to “Section 199 Cap A” rule. Without getting too technical, this section applies to all who are self-employed, an owner of an LLC, shareholder in an S-corp...
Howdy folks, Ali is home-bound and recovering. She saw her doctor on Tuesday for a post-op, and all is going according to plan. Man-Servant Jeff is doing what he can to make her a little more comfortable, but stubborn Ali still has to do things on her own and not rest (except after taking a pain pill, then nighty-night). The Super Bowl participants are set. The Patriots won in OT over the Chiefs. I hate to say it but, The GOAT, Brady...
Hello Fellow Taxpayers, I want to thank all of those who expressed well wishes when Ali went for shoulder replacement surgery on Monday (posted on my personal Facebook page). All went well and the procedure took less than an hour; however, I did not get to see her for almost four hours. I took her home on Tuesday, and she is recovering. Lots of pain means lots of drugs and lots of ice which helps, but it will be a long...
Tax Season is upon us Hello, followers of my weekly email. I have missed the past couple of weekly communications. I thought that you had more important things to do such as; last minute Christmas shopping, being with friends and family and welcoming in the new year. Rather than reading my words of wisdom and my tales of adventure. As most of you know, in December, Ali and I went cruising along the Mexican Rivera. We visited Cabo San Lucas, Mazatlan, and...
