Skip to main content
Category

Taxes

Reduce Your Chance of Audit

By IRS, Taxes No Comments

Audits and Your Defense Against Them Reduce Your Chance of Audit Here Many of us hear the word “Audit” and shriek into the depths of misery.  Let’s just ease your mind a little and help you know what you can do to reduce your chance of audit and having to deal with these clowns. (IRS Auditors that is.) The IRS is no longer limited in…

Read More

Simple Steps for Your Retirement Plan

By Business, Retirement, Tax Strategy, Taxes No Comments

Want to Build a Sound Retirement Plan? Start With These Three Essential Steps Provided By: Jake Rust, Northwestern Mutual Like most people, you may find it difficult to predict what you’ll be doing a year from now, let alone in one or more decades. Yet the ability to project into the future may be crucial to making long-term financial goals more achievable, according to a…

Read More

Deduct Life Insurance Premiums or Not?

By Business, Taxes 2 Comments

Yes and No. We are considered a small tax firm.  We will do around 1,500 tax returns in 2015.  Even with such a small percentage of the millions of tax returns filed each year with the IRS, we often see clients expensing their life insurance premiums. In general, you are not allowed to deduct life insurance premiums.  Code Section 264 gives all the boring tax…

Read More

Tommy Boy’s Wisdom on the Guarantees of H&R Block, TurboTax, and Similar Services

By Taxes No Comments

One of Chris Farley’s many classics is the movie Tommy Boy.  In the movie, Tommy is out trying to save the company by getting sales. In a conversation with a Ted, a potential customer, Tommy gives us some legitimately profound insight on how guarantees work.   (If you want to see the full clip check out https://www.youtube.com/watch?v=mEB7WbTTlu4) The dialog goes: Ted Nelson, Customer: But why do…

Read More