Down markets can make for a great time to do a Roth IRA conversion. Why? Because when markets rebound, you've shifted the growth from your traditional IRA to your Roth IRA. While security prices don't HAVE to be low for this strategy to play out in the long run, lower prices give you more bang for your buck.

Saving tax dollars often isn’t just about lowering what you owe this year or even lowering the next several years of tax bills. It’s about lowering taxes across your entire family for as long as possible.

My point is to present my experience with a particular situation for prospective business owners looking for ways to fund a new endeavor. A ROBS structure is a sophisticated strategy and not for the uninformed.

If you’ve been paying taxes for the past few years, you are likely well-acquainted with the cap on deducting state and local taxes (SALT) on your personal tax returns. This limitation was part of the Tax Cuts and Jobs Act of 2017.

In my continued efforts to educate the American taxpayer on our needlessly complicated tax system and debunk tax myths, this article provides multiple, common examples of when it would be less desirable to do business as an S Corporation than another option such as a sole proprietorship/single member LLC (businesses with one owner) or a partnership (businesses with multiple owners).

With the end of the year quickly approaching and the Build Back Better bill still stuck in the Senate, what should you do? Here, we’ll discuss tax provisions currently in the bill that could impact you, what moves you may want to make over the next few weeks, and general year-end tax planning.

When you’re helping someone whose mental or physical health is declining, they often try to retain as much independence as they can and continue to do as much for themselves as they can. This may include continuing to handle their taxes themselves – whether this is using an online tax preparation platform or interacting with their tax advisor. This can be problematic for several reasons.

One of the topics my self-employed and small business clients consistently ask me about is retirement plan options. When you’re an employee, it’s likely your employer has a retirement plan established and you make your desired contribution without giving too much thought about the plan itself. However, when it’s your company, choices must be made.

To say our tax system is complicated is putting it mildly. As we consider our complicated tax system, it begs the question do we have a good tax system? Is having a complicated system merely a reflection of living in a complicated world? Or is it perhaps an indication that our tax rules could use some improvement?

The IRS has surprisingly made its way from clueless to court cases in recent years. One important pronouncement that the IRS has made is that it considers cryptocurrencies as property, rather than a currency such as the US Dollar or the Euro.

I was honored to be interviewed recently by Russ Thornton on Women's Retirement Radio. We covered a lot of topics, so click the picture if you'd like to listen. Enjoy!

As is becoming more apparent to those outside the IRS, while much of the rest of the country was busy figuring out to how function in a pandemic last year, the IRS was essentially…not functioning. The untimely tax return processing times and unanswered phone calls have only increased in 2021, with no end in sight.

If you’re starting a new business, you have several options regarding your company’s legal and tax structure. Consulting your corporate attorney and tax advisor is a must when starting a new business.

With all the talk these days about potential changes to capital gains taxes, let’s take a step back and explore what capital gains are and how they’re currently taxed to better understand what related tax law changes could mean for you.

Individuals and businesses are often faced with the difficult decision of whether to move forward with litigation. If you have a good case with strong facts and you just can’t come to a settlement with the other side, sometimes litigation makes sense.

Expanding on the CARES Act of 2020, numerous tax-related provisions are contained in the American Rescue Plan Act of 2021 (ARPA) passed March 11, 2021. This article will cover a number of those, provides a brief update on programs created in last year’s CARES Act, and concludes with a comment on the state of the US tax system.

How would you like to be more generous? This is a worthy goal. And I’m going to walk you through a few practical ways to help you pay less in taxes, be more generous, and possibly save more money than you thought you could.

Coronavirus Response and Relief Supplemental Appropriations Act of 2021 is a $900 billion pandemic-related stimulus attached to the $2.3 trillion Consolidated Appropriations Act of 2021 that provides funding for the federal government for the upcoming year. Most of the provisions contained in the supplemental act extended and/or amplified those contained in the CARES Act of March 2020.

Faced with the option of avoiding probate, you can see why many people are interested in this option for their own family. Basically, all you have to do is call an attorney and pay a small fee, and now they don’t have to worry about probate. But wait, there’s more!

I continue to hold the opinion that the IRS needs more funding and needs to put some commonsense, taxpayer-friendly measures in place.If you have any questions regarding how the strategies mentioned in this article may apply to your specific tax situation, don’t hesitate to reach out.