A realistic budget is the foundation of all good foundation plans. If you’re not sure where to start or just don’t think budgets are sexy enough, let’s break that habit and learn how to put together a budget you can live by! Continue reading
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
2 Common IRS Notices for Individuals [Video]
I would bet my paycheck that we receive at least 2-3 IRS notices a week for clients (and that’s on a slow week), but getting a notice shouldn’t cause panic. While it is important to look at each notice, it is even more important to know what you are reviewing. In this month’s video, Continue reading
DAF’s: A Great Way to Control your Tax Bill
This year, several of our clients have unexpectedly found they will have significantly more income than normal. From becoming partner to a surprising success with a non-doctor spouse’s startup business to an unplanned buyout of a practice, they have a very happy problem. The problem is, of course, they’ll have significantly more Continue reading
What to Do With Old Credit Card Accounts?
When I’m reviewing our clients’ credit reports, I’m not only making sure that we have all significant debt accounted for but also to see if any information should be corrected. Frequently, I notice open credit cards with no transactions in the last year or so. When I recommend clients close these accounts, the reply is often, Continue reading
How to Set Up a DAF [VIDEO]
Johanna talks about DAF’s in her blog post this month. If you’re on board but don’t know what to do next, then this vlog is for Continue reading
KY e-Services for Payroll & Sales Tax
In this golden age of technology, there isn’t much you can’t do online: from buying clothes, ordering food, heck, even getting an eye exam – all without ever speaking to a person. So if you can do all of these incredible things from your couch, why in the world should running your business be any different? Continue reading
How to Calculate Estimated Taxes
In this month’s video, I explained some of the basic rules regarding Federal estimated tax payments. If you need a refresher on what payments are required, please watch the video before reading ahead. To dive in a little deeper, let’s look at a few examples of calculating the amount of estimated tax you should prepay throughout the year. 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
