In last year’s Tax Cuts and Jobs Act, Congress lowered the corporate tax rate from 35% to 21%. To level the playing field for pass-through businesses, they created a new deduction. The goal of this post is to explain the basics of this deduction, so that you can learn how it may apply in your situation. In upcoming posts, we will look at the details of some real cases to help you understand how the different elements of 199A may affect you. Continue reading
IRS
QuickBooks – which service should I use?
In this month’s video, I shared some strategies for getting organized with your tax records. One of the most common groups of clients that seem to have trouble getting and staying organized are those that have 1099 income. The main reason for this is that some additional deductions are now available to you. If you find yourself in that situation, I may have a solution for you. QuickBooks offers a couple of services that help you track your income and expenses. Continue reading
Getting Organized [Video]
With back to school, fall sports schedules, and life in general, you might feel like you’re sitting in the middle of a merry-go-round and can’t get off. While we can’t help pack Susie’s lunch or take Billy to football practice, we can help you get your tax records organized.
She gives you some tips to help get your tax records organized now, and keep them organized, so that when year end rolls around, you can enjoy Christmas break with the kids instead of shuffling through paperwork for tax season.
How Should You Allocate Savings?
If you live a reasonably balanced lifestyle, you will, at some point in your lives, find yourselves debt free, 529s funded and accumulating cash. As physicians, particularly in dual-doctor households, you can accomplish this 10 years or so out of 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
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
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
Recruitment and Signing Bonuses
Recruitment and signing bonuses are a popular topic on WCI this time of year (along with Teslas for some unknown reason). Here are a few things you should consider when negotiating them. Continue reading
Am I paying the Right Amount of Tax?
In my recent talk to residents, we discussed how to know if you are paying in the correct amount of tax both during residency and in graduation year. In order to figure this out, it’s important to have the IRS information handy. Continue reading
