Stay Up-to-Date With Important Tax-Related Topics

Tax What If Doctor

• Mistakes Can Go Both Ways! May 21, 2025
  Many times business owners have come into our office and with our help have found that they were doing things incorrectly regarding their bookkeeping and taxes. Occasionally, the errors add to the tax burdens that they have been under-reporting. That never feels good, but it is always better to fix those issues prior to any […]
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• How to Avoid Capital Gains Taxes Still Seems to Mystify the Public May 14, 2025
  When people are contemplating selling an asset like a house, an investment property, stock or a business asset, it’s usually to make a profit or to raise cash. Sometimes, a house is sold in order to buy bigger (or smaller), to move to a different town to take a new job. In the case of […]
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• Give a Little and Get More than a Little Back! May 7, 2025
  Tax Planning is a constant stream of adaptation to the new rules that the government and IRS come up with annually. One year we have a tax credit for new windows, the next year it goes away, but a new credit for heat pumps is added. The only constant is change. Occasionally, policies that are […]
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• Like It or Not, Taxes are Constantly Changing April 30, 2025
  Tax policy and rates have always been fluid, much more so than most people realize, as they only focus on it for short periods one time a year. You also don’t see many high school or college classes on the history of taxes and tax planning, unless you’re in accounting school. Like a distant relative […]
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• Accountants Should Change the Category Descriptions in Bookkeeping Systems After They Learn of Tax Changes. Most Don’t. April 23, 2025
  There is nothing permanent except change!  Stated by a Greek philosopher over 2500 years ago and it still stands true, especially in the tax code. Sometimes there are big changes, like those potentially coming with the expiration of TCJA, and sometimes small changes, but it’s a good bet that every year something for business owners […]
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• Tax Planning Gem: Use a CRAT or CRUT to “Put Back” Your Stretch IRA Options for Non-spouse Beneficiaries! April 16, 2025
  Current tax rules now require that the entire balance of a non-spousal participant’s inherited IRA account to be distributed or withdrawn within 10 years of the death of the original owner. The 10-year rule applies regardless of whether the participant dies before, on, or after the RMD (required minimum distribution) age at which they had to […]
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