Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

25 Jun 2018

(#338) “The Crash Course” Chapter 6: What is Money?

As posted on the Peak Prosperity.com and the Chris Martenson's Peak Prosperity YouTube Channel Background The Crash Course has provided millions of viewers with the context for the massive changes now underway, as economic growth as we've known it is ending due to depleting resources. But it also offers real hope. Those individuals who take informed action today, while we still have time, can lower their exposure to these coming trends -- and even discover a better way of life in the process. In this Blog, I am presenting the 27 (inclusive of the introduction) installments of The Crash Course, one per week. Previous installments of "The Crash Course" can be found here: Blog (#311) Introducing "The Crash Course" Blog (#314) Chapter 1: Three Beliefs Blog (#319) Chapter 2: "The Three 'Es'" Blog...

17 Jun 2018

(#337) Stretch to Extend the Life of Your IRA

Roger Rossmeisl, CPA

Infographics, Taxes

16 Jun 2018

(#336) Top 4 Reasons for Deflation Before Hyperinflation

Roger Rossmeisl, CPA

Economic Concepts

As posted to the GoldSilver YouTube Channel on 11/17/15 The 6th episode of Michael Maloney's Hidden Secrets Of Money provides conclusive proof that a market crash bigger than 1929 is coming. There are 4 unmistakable signals a financial crisis of epic proportions is headed straight toward us. This clip walks you through each of them, and it contains vital information for avoiding a stock market collapse. Prior Episodes of "Hidden Secrets of Money" can be found in these blog posts: Blog #242 - Episode 1: Currency vs Money Blog #253 - Episode 2: Seven Stages of Empire Blog #277 - Episode 3: Death of the U.S. Dollar on a Timeline Blog #226 - Episode 4: The Biggest Scam in the History of Mankind Blog #317 - Episode 5: Where...

16 Jun 2018

(#335) Factor in State and Local Taxes When Deciding Where to Retire

Roger Rossmeisl, CPA

Taxes

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes (SALT) should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you consider property taxes and sales taxes. For example, suppose you’ve narrowed your decision down to two states: State 1 has no individual income tax, and State 2 has a flat 5% individual income tax rate. At first glance, State 1 might appear to be much less expensive from a tax perspective. What happens when you factor in other state and local taxes? Let’s say the property tax rate in your preferred locality in State...

16 Jun 2018

(#334) What to Know about the Tax Treatment of Bitcoin and Other Virtual Currencies

Roger Rossmeisl, CPA

Taxes

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the trend may trickle down to smaller businesses. Businesses also can pay employees or independent contractors with virtual currency. But what are the tax consequences of these transactions? Bitcoin 101 Bitcoin has an equivalent value in real currency and can be digitally traded between users. It also can be purchased with real currencies or exchanged for real currencies. Bitcoin is most commonly obtained through virtual currency ATMs or online exchanges. Goods or services can be...

16 Jun 2018

(#333) “The Crash Course” Chapter 5: Growth vs Prosperity

Roger Rossmeisl, CPA

Economic Concepts

14 Jun 2018

(#332) Putting Your Child on Your Business’s Payroll for the Summer May Make More Tax Sense Than Ever

Roger Rossmeisl, CPA

Taxes

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By shifting some of your business earnings to a child as wages for services performed, you can turn some of your high-taxed income into tax-free or low-taxed income. For your business to deduct the wages as a business expense, the work done must be legitimate and the child’s wages must be reasonable. Here’s an example: A sole proprietor is in the 37% tax bracket. He hires his 20-year-old daughter, who’s majoring in marketing,...

14 Jun 2018

(#331) Saving Tax on Restricted Stock Awards with the §83(b) Election

Roger Rossmeisl, CPA

Taxes

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the §83(b) election. Convert ordinary income to long-term capital gains Restricted stock is stock your employer grants you subject to a substantial risk of forfeiture. Income recognition is normally deferred until the stock is no longer subject to that risk (that is, it’s vested) or you sell it. At that time, you pay taxes on the stock’s fair market value (FMV) at your ordinary-income rate. The FMV will be considered FICA income, so it also...

12 Jun 2018

(#330) Sending Your Kids to Day Camp May Provide a Tax Break

Roger Rossmeisl, CPA

Taxes

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2018, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more. Remember that tax credits are particularly valuable because they reduce your tax liability dollar-for-dollar — $1 of tax credit saves you $1 of taxes. This differs from deductions, which simply reduce the amount...

11 Jun 2018