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Do you feel that you pay too much in tax? You’re not alone! The General Accounting Office estimates that Americans overpay their taxes by a total of almost a billion (yes, that’s billion) dollars each year!

Why do so many pay more than they have to? The main cause is mistakes and errors they or their tax preparers make on their tax returns!

So, how do you find a reliable person to keep some of that billion in your wallet? I put together the following criteria and questions to help you find the best advisor and stop giving Uncle Sam too much!

First ask yourself, what role will this advisor perform as part of your team? How much experience do … Read more →

If the next Presidential election were held today, the Republicans might like their odds very much. In Presidential elections, most voters care little or nothing about things like immigration policy and trade tariffs. They really only care about jobs and the economy. Right now, overall growth is strong, and the employment market is even stronger.

But a lot can happen in two years. Nothing lasts forever, and that includes economic expansions. Moreover, Special Counsel Robert Muller’s investigative report is due out sometime in 2019. His findings could be entirely benign, detail the worst high-level corruption since Watergate, or be somewhere in between.

So, it is not too early to start thinking about what if. After all, the Constitution’s Origination ClauseRead more →

The partnership salary rule is already a head-scratcher. Once partners feel the full impact of the 2017 Tax Cut and Jobs Act in the spring of 2019, the rule will be confusing as well. The planning is quite complex, but the end payoff – a 20 percent deduction – is very had to pass up.

This provision is a new one, so there is very little guidance. It applies to most businesses except C Corporations which pays double taxes. Other business associations are pass-through entities which only pay a single level of income tax.

Step One: Organizational Qualifications

Section 199A’s intent is clear. The TCJA gives substantial breaks to many individuals, and the government does not want to exclude small … Read more →

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