One of the most important and overlooked financial move that you can do is engage in regular tax planning, either with you tax professional or on your own. Understanding where your taxes will wind up is important for evaluating decisions related to investments, timing of charitable giving, and certain purchases.

Tax Planning by Tax Professionals

Many financial decisions have a tax implication, and the timing and methodology of the payment may impact that tax implication. Tax planning is the method by which we sit down with our clients and help them understand the implications of their actions, helping them make better informed decisions. Tax planning can help you engage in tax avoidance, by arranging your business affairs to minimize your taxes due.

While clients get most excited about seeking out some previously unknown tax credit or tax deduction, really successful tax planning focuses more on understanding your income stream over time and managing it to minimize your tax burden. Because the tax code marginal rates rapidly climb from the 10%-12% range to the 22%-24% and then the 32%-35% ranges, understanding how to smooth out your income over the years can help you avoid overpaying. If your income fluctuates heavily, you might find yourself paying substantially higher taxes than you would if your income were more steady, regardless of deductions and credits.

When it comes to retirement savings, deferred income plans, 529 Educational plans, or HSA Accounts, knowing how to shift your taxable income from your highest earning years into your lower earning years is critical to lowering taxes. The main concept behind deferred taxes with 401(k) and IRA style accounts is that you will have less income in retirement and therefore be at a lower tax brakcet.

All of our accounting packages, focus on compliance, planning, and reviewing your compliance with the plans. By integrating tax planning with monthly bookkeeping and accounting, we can help you adjust your moves throughout the year. With dedicated blocks of time for your semi-annual planning, we try to minimize the disruption to the rest of your life while keeping your planning on track.

Crypto Mining Business

By |2021-11-10T13:56:50-05:00November 10th, 2021|Categories: #TaxTipTuesday|Tags: , , , , , , |

On today's Tax Tip Tuesday, we're going to talk about your crypto mining business. I've been getting some calls, emails, et cetera, meetings with people setting up crypto mining businesses. Because why not?

All Things IRMAA | Jorge Gonzalez Video

By |2021-09-10T16:29:31-04:00September 10th, 2021|Categories: #FinanceFriday|Tags: , , , |

On today's finance Friday, we have Jorge Gonzalez, who will tell us about all things IRMAA. Jorge is a financial services industry veteran with more than 26 years of experience. His specialty is providing business owners solutions to increase revenue, protect their assets, and reduce taxes with a collaboration with my CPA. He has two professional designations, and he also has a Medicare certification, which is part of what we're going to be talking about today.

Bad Luck or Bad Financial Planning?

By |2021-08-12T16:58:10-04:00August 12th, 2021|Categories: Other Perspectives|Tags: , , , , , |

Tomorrow is Friday the 13th, and considering the holiday's superstitious history, I wanted to share some tips from Twitter about avoiding bad luck with finances and taxes. This article is a different kind of Social Media Round-up, but I decided that there is no better day than Friday the 13th to try something new because if it flops, I will blame it on bad luck. I find this mindset funny because I think much of "bad luck" is actually just bad planning, and I hope this Twitter commentary can help us all avoid the pitfalls of poor finances and poor tax planning. Let's get started. 

Meals, Entertainment, & Tax-Deductions

By |2021-07-07T12:57:14-04:00July 7th, 2021|Categories: Quickies with Bette|Tags: , , , , , , , , |

Hey, guys, happy Wednesday. We're going to hop on with a little business quickie about meals and entertainment because this is a tricky area for a lot of business owners. I know everyone wants to write off every meal possible that they ever have as a business expense and, unfortunately, can't always do that.

Bobby Bonilla Day

By |2021-06-30T22:47:58-04:00June 30th, 2021|Categories: Quickies with Bette|Tags: , , , , |

Tomorrow is Bobby Bonilla Day. Bobby Bonilla is a former player in Major League Baseball who played in the major leagues from 1986 to 2001. This day is celebrated by the sports and financial world! Why? Because the Mets pay Bonilla $1,193,248.20 every July 1 from 2011 until 2035.

Estimated Tax Payment Two

By |2021-06-15T15:44:00-04:00June 15th, 2021|Categories: #TaxTipTuesday, Deadlines and Updates|Tags: , , , , |

Today's Tax Tip Tuesday is your reminder to pay your second 2021 quarterly estimated tax payment if you're somebody who needs to pay those, many people don't pay them. If you only have a job where you get a W2 and you're on the payroll, probably aren't making estimated payments, but if you're a business owner or a freelancer something like that, you're probably having to make these payments. So how do you know how much to pay?

Foreign Tax Issues for US Citizens Video

By |2021-06-11T14:15:00-04:00June 11th, 2021|Categories: #FinanceFriday|Tags: , , , , , , , , |

Today on Finance Friday, we discuss foreign tax issues for US citizens with Andre Benayoun JD, BBA. Andre is one of the most brilliant people I know; he is a partner at Marcum Accountants & Advisors and a family friend.

Adoption Tax Credit

By |2021-06-03T13:47:23-04:00June 3rd, 2021|Categories: #TaxTipTuesday|Tags: , , , , , , |

To kick off Pride Month, we're bringing you a special tax tip Tuesday. On this one, we are going to go over the adoption credit. Now, obviously, the adoption credit applies to anyone who adopts a child. It is not strictly for the LGBTQIA+ community. It applies to everyone, but the LGBTQIA+ community does tend to make good use of this, so I wanted to do a high-level overview of the credit.

Robo Advising and Investing and Artificial Intelligence (AI) on #FinanceFriday with Roy Esh

By |2021-03-30T23:39:17-04:00March 11th, 2021|Categories: #FinanceFriday|Tags: , , |

Roy Esh discusses investing and wealth management in a world of Robo Advisors, Artificial Intelligence, and scandalous actions like Robinhood Markets.

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