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Cut Your Tax Bill with IRAs
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to cut your tax bill with IRAs. If you qualify, you can make a deductible contribution to a traditional IRA right up until the 2020 filing date and benefit from [...]
Hot Stock Tip, or Fraud?
(This is Blog Post #774)
Using COVID-19 to Fleece Americans
As governments around the globe mobilize to defend their populations from the novel coronavirus, criminals are also mobilizing — using COVID-19 to fleece Americans. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails [...]
Coronavirus Tax Relief for Individuals
The IRS and Congress have responded with some Coronavirus tax relief for individuals. Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, [...]
Coronavirus Tax Relief for Small Businesses
Businesses across the country are being affected by the worldwide pandemic. Fortunately, Congress recently passed Coronavirus tax relief for small businesses. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. New [...]
The Financial System Just Broke
(Part 1) Posted to the Peak Prosperity YouTube Channel on March 22, 2020 (Part 2) Posted to the GoldSilver.com YouTube Channel on March 22, 2020 Part 1 - Financial Armageddon (Run Time: 21 min, 04 sec) Part 2 - Is it Too Late for Gold & Silver? (Run Time: 19 min, 35 sec) Join Mike [...]
Jim Rickards on Unfolding “Ice-9” Situation
As posted to Kitco News YouTube Channel on 3/18/20 "We are potentially entering an 'Ice-9' situation where the entire world may 'freeze' over economically, said Jim Rickards, best-selling author of 'The Road to Ruin' and 'Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.'” “If you shut down the New York stock exchange, and [...]
Changes to RMD Rules
(This is Blog Post #768)
What Landlords Should Know About Taxes
(This is Blog Post #767)
Tax Credit for Businesses Whose Employees Receive Tips
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit for businesses involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How the credit works The FICA credit applies with respect to tips that [...]
Preparing for a National Lockdown
As posted to the Peak Prosperity YouTube Channel on March 15, 2020 (Run time: 45 min 07 sec) In today's update, on the Wuhan New Coronavirus (aka "Covid-19"), Chris Martenson reports: "As the number of Covid-19 infections outside China now exceed those within, the masses across the world are starting to panic. Empty grocery store [...]
Stealing the Identities of the Dead
It’s bad enough that the living have to worry about identity theft. But criminals also exploit the deceased with “ghosting” schemes. These thieves are stealing the identities of the dead to open credit card and service accounts and obtain loans and tax refunds. Here’s how to prevent fraudsters from taking advantage of your family. Stealing [...]
Deducting Charitable Gifts on Your Tax Return
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, deducting charitable gifts may no longer yield you a tax break for [...]
Unpacking the Economy’s Bubble Dynamics
As posted to the Peak Prosperity YouTube Channel on 3/9/2020 (Run Time: 49 min, 14 sec) Author's Description of Clip "For years, Peak Prosperity has been raising a loud warning of the 'Everything Bubble' that the world's central banks have blown in global asset prices. Over that time, we've debated with hundreds of economic experts [...]
Answers Regarding 2020 Individual Tax Limits
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020 [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
