Extension is Not a Four Letter Word!

A tax extension is a request for more time in which to send returns to the federal or state taxing authorities in which you owe tax. A request for more time is not an extension of more time to pay any tax due. The federal and/or state need to receive 100% of all tax due by April 15th (or the actual filing deadline, if adjusted by weekend/holiday) each year in order to avoid penalties and interest charges. Therefore you the tax payer has the responsibility of estimating whether you might owe tax. Continue reading

Don’t drive past the best tax deduction option for cars!

During tax season a very common opportunity often missed comes from understanding how you use your cars as a tax deduction on your tax return.  It is very common for people who have a schedule C sole proprietor business to claim their mileage on automobiles, but the privilege of using personal deductions on a tax return is not limited to someone who is a schedule C.  For instance, a landlord might own three apartment buildings and file a schedule E on his personal tax return and not feel like they are “self-employed” as they has a full-time W-2 job. Continue reading

First major tax deadline is approaching!

The deadline to filing Partnerships, C-Corporations, and S-Corporations is approaching quickly. The deadline to file your clients’ business returns are March 15th, 2017 and unless they are ready by then they will be subject to fees and penalties.

An extension will give them an additional six months to file their business return, so they will not need to file until September 15th, 2017.

The extension does not extend when the payment for taxes are due, if applicable in their state. The payment of the taxes is due no later than April 18th, 2017. Your clients can prevent the late filing fees and penalties by filing an extension and paying the tax on their net sales in 2016, if applicable in their state.

We want to inform you now, so that you will not be penalized for late payment of taxes owed.

Tax Time Question That We Sometimes Forget To Ask.

I’m trying to improve myself as an advisor every day, and I was thinking about my current yesterday while having a conversation with my better half and they asked me, “How do you think they feel about the accounts they aren’t managing with you?” That really set me back and I actually lost sleep, so this morning I decided to send you this question and request.

Do you understand the accounts you own? Or do you just “own what you own” and in your mind moving those assets to our firm would not mean feeling any different? I think a lot of people I have made recommendations to have felt that they don’t understand what they have for investments but changing to another asset would just be changing to another account they don’t understand. I hope that’s not true but I fear that it is.

Would you take a 15 min call from me to discuss how you feel about what you own know?

I will not shove anything at you, I’m truly looking to improve myself and I would appreciate receiving the gift of your time.