Gone are the days of Single 0, now we have far fewer choices on an even bigger form. And how on earth do I claim exempt?!
Tag: #Taxes
Secret Codes
There it is. In the mailbox just over there. Your hands are sweaty, and your pulse picks up. Do you open it? Do you leave it on the counter and walk away? Do you dump it in the trash and not give it a second thought? No matter your course of action, the IRS has sent you a notice and…
When You Don’t Know What You Don’t Know
“Huh! I didn’t know that,” is a phrase that I have used many times in my life. In a world with a constant flow of information that is so easily accessible, I sometimes think I know more about something than I do; which my young adult children take great delight in pointing out. I will be the first to admit…
The “Psychology” of Taxes
Growing up in Michigan, the annual camping trip to “The Lake” is a rite of passage. There are other things that were annual traditions while on this camping trip in our family; things like leaving at least ½ of the tent poles at home, setting up and/or taking down camp in the rain, and playing games as a family. These…
What I Did On My Summer Vacation
I spent the summer enjoying my family and crossing something off of my bucket list. My daughter and I were able to visit New York City and see The Prom on Broadway before it closed in August. We had a great time and are already planning our return trip. At home we are finishing up building a new shed; our…
Pay-As-You-Go
I was in a Political Science course recently and was surprised to realize that there are some who do not understand the correlation between the tax dollars we pay and the money that the government has to spend. In other words, our taxes are what the government has available to them to spend. Consider the following: what if your weekly…
Let’s talk about 2019
There are only 3 weeks left until the April 15th filing deadline. It has been a busy season with mixed results for some clients. I think that it is safe to say that the 2017 Tax Cuts and Jobs Act has proven to be as far reaching as it was promised. While the results are not always expected, they are…
Wrestling with Results
It has been a very interesting three weeks since the IRS opened the e-filing season. We are seeing varied results compared to last year and generally those results are less money coming back to clients as refunds. This causes a state of bewilderment and frustration to those who traditionally count on their refund for certain expenses. We understand that the…
Bracket vs. Effective, huh?
Every industry has their own jargon; their own foreign language. Using everything from buzzwords and phrases like “dive deep” or “put a pin in it” to legalese like “prima facia” and “ipso facto,” professionals expect you to understand what they are talking about. The tax world is no different. Bifurcating the depreciation versus taking a Section 179 deduction are words…
No Exemption, But More Credits
I have spent hours reviewing the Tax Cut and Jobs Act (TCJA) and the conclusion that I have come to is that it is far from simple. Anytime I face such an overwhelming change in the way that I am used to doing things, I tend to dig in my heels and make it far more difficult than it needs…