Ask my lovely CPA, I am NOT a tax expert. But, looking at the most common tax filing mistakes, a lot of these seem like clerical errors rather than complex tax decisions. Read on to save yourself some headaches after tax season. Inaccurate Personal Information: One of the most frequent errors is entering incorrect…
If people are going to panic about impending tax changes, I feel it’s more productive to know WHAT you are panicking about. Herewith, is a list of some of the changes that would happen if the Tax Cuts and Jobs Act is allowed to sunset (as originally planned and signed into law) in 2026. Below…
In last week’s blog, I gave a VERY short and mostly incomplete summary of tax benefits that we have enjoyed since the passing of the Tax Cuts and Jobs Act of 2017. These changes are set to return to pre-2017 rules at the end of 2025, so if there are any moves to be made,…
Those of you small business owners will be familiar with the idea of quarterly estimated tax payments. The idea is that the IRS does not want to wait until April 15th to get all of their tax revenue from you. They want some all during the year. For people who are paid on a W2…
The only thing I like about this whole Robinhood trading platform is how much it makes me think of my favorite Disney movie, the 1973 animated classic Robin Hood! And who is the bad guy? Watch for a little reminder. What are the social media addicts trading GameStop and AMC Entertainment missing? Yes, the…
Much is made of making your permanent home in retirement in a state that has no state income tax. I posit that there are other considerations. First, what are the no-income-tax states? They are Alaska, Tennessee, Wyoming, Florida, New Hampshire, South Dakota, Texas, Washington, and Nevada. Question #1: The MOST important consideration is do…
Think you can wait until December 31st to do tax planning for 2016? Think again! Starting your tax to-do’s earlier in the year makes life easier for your CPA, financial advisor, AND you. Thanks so much to Elizabeth Moore, CPA and Partner at Ryan, Gunsauls & O’Donnell, LLC (http://www.rgo-cpa.com) for these top 5 actions…
That’s right, folks. Albert Einstein thought the tax code was too complex to understand. Where does that leave us mere mortal non-physicists? Hopefully, reading the Sullivan Financial Planning blog! When anyone is talking to you about investment ideas, the question you need to be asking is simple: What’s in it for me? In the case…
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