Blog | Tax Prep Medina, Inc.
- Announcing the Tax Planning App
Many taxpayers today don’t really know how much income tax they actually paid with their 2021 tax filing. A few can tell you something more general like, “I got quite a refund” or “I paid a lot and it hurt!”, but not many can really tell you how much tax they actually owed. That’s a shame in our “plugged in” world where your mortgage company, credit card company, crypto wallet service, Amazon, Credit Karma etc. have all done their best to have you interact on a regular basis. They send you reminders, offer you guidance and try to inform you in some way of your ongoing status. Ask a taxpayer what bracket they are in and they might answer, “I
- The Tax Clock Is Ticking
We are nearing the October filing deadline, so all the crying is almost over for last year’s tax return submissions. We’ve blogged throughout the summer on various topics, but now you’re down to a few weeks to effectively do 90% of what can be done to affect your current year tax liability. Only a few things can be done after December 31st, once you realize how big the bill actually is. If you’re an individual making less than top wages, you can open and fund IRAs after December 31st to reduce this year’s tax bill. Other than that, there’s little that can be done once the ball drops on New Year’s Eve. You have until then to get your act together, figure out where your
- It’s the End of the Road for Tax Procrastinators
This last wave of tax filers are quite often the most productive people in our economy. Many are business owners, some with more than one business, or at least in some ways just have a lot going on, which means they usually add and not subtract from the tax base. That said, if your taxes are not done yet, then you’re in a rush (or should be) to get everything ready for filing, which usually means you’re not getting everything done accurately, and very often means you’re not getting any real tax mitigation advice either. It’s a vicious cycle. You wait to file because you are so busy getting ahead and just plain getting things done, then comes the fear
- Don’t Let Your Stockbroker Off the Hook When it Comes to Tax Planning
Don’t let your stockbroker off the hook when it comes to tax planning. Many people work with brokers when they buy and sell stocks. Many people now, because of the internet, also have become their own stockbrokers, doing their own research and trading on various platforms. Whether you use a professional or do your trades yourself, you still need to hold your stockbroker accountable. What do I mean? If a broker is helping you buy and sell, they had to take a Series license of some kind. Sometimes, an RIA (Registered Investment Advisor) has taken a Series 65 exam. If it’s a representative of a broker/dealer, perhaps they’ve taken a Series 6 or a Series 7 exam. There are other possibilities, but the point is, these exams
- Why Do the Wealthy Pay Less Tax than Others?
Well, do they or don’t they, actually? Long debated and often manipulated by the media, the topic of the wealthy and taxation has many, many complex points and counterpoints. First, when people say that, they often don’t define what kind of tax. The people hearing the comment usually go to federal personal income tax in their mind as TAXES. However, if a wealthy person owns 20 C corporations, with each filing their own tax returns, those C corporations pay their own taxes and unless the wealthy person needed to take a dividend or other distribution, then they could pay zero federal income tax, even though their companies paid potentially millions in taxes themselves. The kinds of taxes people pay
Taxes Are Due In