May 28, 2017

On the compliance side, tax law has some rules that force me to be on your side. For example, to avoid tax code penalties, I have to

  • give you a copy of the tax return I prepared;

  • sign the tax return I prepared;

  • put my preparer tax identification number (PTIN) on the tax return;

  • retain copies of the tax returns I prepared or keep a list of the tax returns prepared (either is acceptable) for thr...

May 21, 2017

If you had a choice of putting money into either a traditional IRA or an HSA, the money in the HSA would perform better than the money in the IRA. Why? With the HSA, it’s possible to avoid taxes forever. You can’t do that with a traditional IRA because you pay taxes on the back end when you withdraw funds.

With an HSA, you can withdraw funds at any time, tax free, to use for qualified medical expenses. When you...

May 14, 2017

Funding your retirement and paying your child’s college education are two of the biggest financial challenges you’ll face in your life.

Conventional wisdom says that it’s best to (1) fund your retirement before your child’s college and (2) use your retirement savings for your retirement and not your child’s college expenses.

I agree with the conventional wisdom and strongly urge you not to use your retirement sav...

May 7, 2017

There’s really nothing more valuable to a business than good employees, particularly those who stick with you for years and years.

One way to honor those employees is to give them a meaningful present or award.

The tax code includes a special carve-out for “employee achievement awards,” which means that when you buy something for your employees in recognition of their years of service, you get a tax break—and you...

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