And Baby Makes Three

Whenever our clients are expecting their first child, they often come to me wondering what impact this will have on their taxes.  As with most things in the tax world, the answer is, “It depends.”  There are a few tax items that this little bundle of joy will impact, but much of that has to do with your income level and other aspects of your specific situation. Continue reading

More IRS Notices

In this month’s video, I described two of the most common IRS notices, the CP2000 and CP501.  While these two are the most often received, they are far from the only notices sent.  The IRS has a whole host of letters that they send depending on the exact situation.  To help you be better prepared for the dreaded letter that may show up in your mailbox, let’s look at some other IRS notices. Continue reading

Moving on up! Should We Become Landlords?

A recent, true-life client situation is the inspiration for this month’s post. Dr. Tony* and his wife, Sam*, had just made a bid on their “forever” home in California. We had prepared a plan scenario to determine the amount of home they could reasonably afford given their long-term goals and projected income and savings. After some expected haggling, they emailed to tell me their bid had been Continue reading