Potpourri of Tax Topics

/Potpourri of Tax Topics

COVID-19 Update to Clients

By | March 23rd, 2020|Categories: Potpourri of Tax Topics|

I sent this out to my clients on Friday night and am posting in its entirety here for both my clients who check the blog but not their email, and for anyone else who is interested. ONE: FILING DEADLINE The Treasury Department announced today (Friday) that the filing deadline for tax returns has been pushed back [...]

Beware of Taxes When You Sell Rental Property

By | March 16th, 2020|Categories: Potpourri of Tax Topics|

One of the things I deal with every year is a client who sold a rental property and they have a capital gain from it, and the client is not pleased. The conversation always follows the same course. "I sold the rental for about the same as I bought it for, so no big deal." And [...]

The Conundrum of Small Non-Profits and the Small Accounting Professional

By | January 14th, 2020|Categories: Potpourri of Tax Topics|

One of the topics that comes up often when talking to clients and other accountants is, the accounting service problem that small non-profits are facing. They need help from tax and accounting professionals. They can't (or don't want to...) pay full price. So they seek out affordable accounting pros. Most of the time these accounting pros [...]

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Contributions to a Roth Account Do Not Reduce Taxes in the Current Year

By | December 11th, 2019|Categories: Potpourri of Tax Topics|

I try to be "proactive" with my clients, and I think most reputable accountants and tax preparers do too (despite what "experts" might say). One of the sticking points I have found, especially when dealing with average folks, is Roth accounts. Here's an example: Taxpayer makes enough money to be able to max out their contributions [...]

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Self-Employment Tax Calculation When Income is Over the Social Security Wage Base

By | December 4th, 2019|Categories: Potpourri of Tax Topics|

How does the calculation for self-employment tax work when self-employment income is over the Social Security Wage Base? Let's take a look. Basic Calculation When self-employment income is below the Social Security Wage Base, the calculation is straightforward. Let's say your self-employment income is $50,000, well below the Social Security Wage Base. You take $50,000 x [...]

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