Finding a qualified tax professional takes time and work. It is all worth it in the end. The best tax professionals are selective in who they take on as clients so you will be vetted at the same time you are vetting. This is a good thing as you want a good fit for all parties involved because it is your investment and money is on the line.Read More
Burnout is only one step on a road to hell. Left unchecked it can cause serious damage to your health.
If you experience burnout and take no remedial actions you can start to exhibit symptoms of something much worse.
The first step toward a nervous breakdown is burnout. Fatigue lowers your mental defenses. When the situation continues to pound feelings of desperation can set in. Helplessness is a large factor of burnout.Read More
Traditional retirement plan contributions come with a loan attached to it with a variable rate of interest, to be determined at a later date by the tax code and your income level.
We all know that traditional retirement accounts get a tax deduction at your ordinary tax rate to the retirement plan contribution limits. We should also know that these account grow tax-deferred and that all distributions are taxed at ordinary rates.
This is a real problem if your goal is to maximize your net worth. In the early years the tax benefit makes it seem like it is the best deal on the planet. But as time passes the math tells a darker tale.Read More
It is unfortunate that climate change is such a political hot button when it is such a good tool to build wealth. Much of what I say will cause righteous indignation from both sides of the political isle. Good thing we will have a full wallet to sooth our nerves.
Too much focus is on “if” there is climate change and how much is “human” caused. These are the wrong questions to ask and the reason why so little is being done to remedy problems climate change can bring.
Since we are discussing a difficult issue I will start by outlining where I stand on climate change (no throwing tomatoes). Then I will show some reports of fear mongering that are really exciting economic reports we should all want if that is as bad as it gets. We will finish with an actionable plan to deal with climate change on a personal level and investments.Read More
The crisis in the accounting industry is self-feeding. The worse it gets the more workload is shoved onto the desks of the remaining souls. Stress is taking a toll.
Several support groups for tax professionals exist on social media platforms. Tax season reveals a serious level of stress for practicing tax professionals. Complaints of long hours and clients unwilling to pay higher fees to compensate for the added complexities of the new tax laws has more professionals looking to leave the industry.
And it isn’t the tax pros facing the worst pinch. The ultimate loser is the client. With fewer experienced tax professionals accepting clients it has put taxpayers at risk. The IRS knows taxpayers have limited choices when defending themselves in an audit which means the IRS’ advantage is larger than ever.Read More
There are no drawbacks to separating the real estate and business into separate LLCs that I’m aware of. Every attorney I’ve ever spoken with agrees on this. Real estate should never be held inside an S corporation or LLC treated as such. Any tax negatives are easily resolved with elections.
The issues involved with combining real estate and a business under an S corporation are many. Legally you limit your option and put asserts unnecessarily at risk. The tax problems are hard or impossible to resolve without inflicting additional tax pain.
Structured properly your business and assets can enjoy legal protections while basking in the light of lower taxes.Read More
Once I digested that it was only a number I decided to do what I always did. I try lots of things, grow my business and expand my sources of income, much of it passive.
You see, I learned the most important step of all: It’s the journey that matters, not the destination. And I had the best mate in the world along for the ride.
It was that day when I was a 32 year old man that I learned to live life for the first time. Live, for Real.Read More