By Christian A. Schröder [CC BY-SA 4.0]
Tax Doctor
- Happy Thanksgiving!Happy Thanksgiving!
- Why Do People Fear Tax Audits More Than They Fear Overpaying?Ask anyone if they “pay too much income tax” and the knee jerk reaction is almost always, “yes!” and without much hesitation. Why do we call that a knee jerk reaction? Because if you then follow the question up with two more questions, “What did you pay in federal tax last year? And/or what bracket […]
- Taxes or COVID or Both. Do You Have a Tax Plan?With COVID at our heels again and Thanksgiving effectively canceled for many, it seems that a repeat of the first half of 2020 may be at hand. The arrival of the vaccine should make it less scary soon, but we still need to dodge the virus and keep our businesses open between now and when […]
- Helping Clients Not Pay Tax on a Type of “Phantom Income”First, let’s say upfront that a business that has sources of income and expenses and leaves 25% profit on the table is an awesome business! Example: A Plumber makes $400,000 a year and spends $300,000 a year on plumbing tools, trucks, repairs, staff, insurances, etc., and walks away with $100,000 at the end of the year that he […]
- Another Handy Halloween Treat!No trick! Opportunity zones are your treat this Halloween. Year-end tax planning, the stock markets, and opportunity zones are all on a high speed merge around the country. Hopefully, the information is getting to the correct people, but even if you are seeing this for the first time, you still have time to get educated […]