Potpourri of Tax Topics

/Potpourri of Tax Topics

Are Estimated Tax Payments Required?

By | September 17th, 2020|Categories: Potpourri of Tax Topics|Tags: |

A common question people ask is, am I required to make quarterly estimated tax payments? I guess the best answer is: "sort of." It's not a matter of you "must," but there are penalties for not doing so. The IRS will assess a penalty against you if you don’t make estimated payments and you owe more [...]

Retirement Withdrawals, Home Purchases and the 10% Early Withdrawal Penalty

By | September 9th, 2020|Categories: Potpourri of Tax Topics|Tags: , |

If you take money out of a retirement account to buy a house (for example to make a down payment), you can avoid the 10% early withdrawal penalty ... but only on IRA withdrawals.  The rules on retirement withdrawals are tricky and vary between 401(k) accounts and IRAs. With home purchases, you can take money out [...]

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Making IRA Contributions After the End of the Year: Good or Bad?

By | September 3rd, 2020|Categories: Potpourri of Tax Topics|

I usually advise my clients against making IRA contributions for the prior year after the year has ended. Let’s back up. What are we even talking about here? IRA Contributions After Year-End A taxpayer who qualifies to make a deductible IRA contribution (WARNING: not everyone does qualify!) can make a contribution up to the due date [...]

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Revisiting (Again!) Shareholder Wages and the ERC

By | September 1st, 2020|Categories: Potpourri of Tax Topics|

(Warning: if you are trying to read this on a computer, you may get my logo blocking your view when you start to scroll; I have a web-person working on a fix; this doesn't seem to be happening on mobile devices.) The National Association of Tax Professionals addressed the subject of shareholder wages and the employee [...]

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Tilting at Windmills Again, Or, Don’t Clients Have a Responsibility Too?

By | August 31st, 2020|Categories: Potpourri of Tax Topics|

Here I go again on a writing spree about articles from the "experts" and the complaints of clients about how accountants aren't doing enough. The latest comes from a survey from Canopy, published in Accounting Today (link here) which as usual maligns accountants, we're failing our clients, blah blah blah. From the survey: Over half of [...]

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