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

Tax What If Doctor

• 2020 Changes You Needed to Make Anyway! July 1, 2020
  It’s July but the big fireworks are a victim of COVID-19. Although true, small local and personal fireworks will likely be everywhere as people adapt. That fireworks habit is ingrained in us so the fun will find a way. Another behavior or habit that’s ingrained into people is spending more time on “staycation” vacation plans than […]
  TaxDoctor
• Charitable Planning for Younger Clients ~ with a Twist. June 26, 2020
  Often people will have one-time “Income Events” and so planning and especially the tax aspects are the motivation. In these cases, you can consider setting up a Charitable Lead Trust (CLT) in order to receive an upfront income tax deduction. A person who has significant and unusual taxable income in a particular year can establish […]
  TaxDoctor
• Charitable Planning Series: Donor Advised Funds June 15, 2020
  A Donor Advised Fund or “DAF” is defined as “an account at a sponsoring organization, generally a public charity, where an individual can make a charitable gift to enjoy an immediate tax benefit and retain advisory privileges to disburse charitable gifts over time.”  But what does that mean in practical terms?   You can set […]
  TaxDoctor
• Charitable Tax Planning and COVID-based Special Tax Rules for 2020 – a Win-Win June 5, 2020
  Charitable planning has always allowed some great tax benefits for clients with tax trapped assets, and the second benefit, the charitable deduction.  What’s a tax trapped asset? Why is the charitable deduction the second benefit and not the first?  What are the one-time 2020 rules?  Well, that’s the point.  Most people don’t understand why these […]
  TaxDoctor
• Silver Linings May 29, 2020
  The people who have filed and paid too much tax again this year, as they did last year, almost always make themselves a promise that they “will do better from now on.”  They will keep better records; maintain a mileage log.  They will learn more about work options and increase their 401(k) or 403(b).  They […]
  TaxDoctor
• One Time Limited Addition May 22, 2020
  That’s what you often hear from a sneaker manufacturer or a car company to create a feeling of scarcity for a product in order to drive desire or cost up.  This is not a typical tactic of the IRS.  COVID-19 and the reaction to it has created a path of human misery, but like cutting […]
  TaxDoctor