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(#490) Millennial Money: This is Keeping You Poor
In this installment of Millennial Money, Robert Kiyosaki explains the three types of income . . . Earned Income Portfolio Income Passive Income . . . and which ones the rich work for. With perspectives on money and investing that often contradict conventional wisdom, Robert has earned an international reputation for straight talk, irreverence, and [...]
(#489) There’s Still Time to Get Substantiation for 2018 Donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements [...]
(#488) What Do You Do When a Spouse Unexpectedly Dies?
What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be addressed: Death certificates. One of the first things to do [...]
(#487) Stop Receivables Fraud Before It Starts
From invoices and payments to discounts and write-offs, many business transactions are recorded to accounts receivable. This makes receivables a popular fraud target. But your business doesn’t have to become a victim. Common schemes Receivables fraud occurs when dishonest employees divert customer payments for their personal use. They use various methods, including: Lapping. This is [...]
(#486) What Will Your Marginal Income Tax Rate Be?
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing [...]
(#485) Have You Had Your Annual Estate Plan Checkup?
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. 2019 vs. 2018 amounts Here are a few key figures for 2018 and 2019: Lifetime gift and estate tax exemption [...]
(#483) Higher Mileage Rate May Mean Larger Tax Deductions for Business Miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5¢, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage rate [...]
(#482) How Experts Use Tax Returns to Find Hidden Assets
Business owners engaged in fraudulent activities often try to manipulate their companies’ financial statements. Fortunately for fraud experts, business owners’ tax returns aren’t as easy to misrepresent. Here’s how experts use them to locate hidden assets and income. Seeking buried treasure Certain items are more likely to provide information about hidden assets and income sources. [...]
(#481) Transferring a Vehicle’s Ownership to a Trust Comes with Risk
A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about assets [...]
(#480) The Perils of Irredeemable Paper Money
As posted to the GoldMoney YouTube Channel on 6/18/11 (Run time 2 minutes, 58 seconds) In this excerpt (above ⇑) of the complete 30 minute discussion (below ⇓), Lawrence Parks, of FAME, and James Turk, Director of the GoldMoney Foundation, talk about the coming collapse of our monetary system and the lack of political will [...]
(#478) Fraudulent Transfer Laws Could Sabotage Your Estate Plan
Estate planning aims to help individuals achieve several important goals — primary among them, transferring wealth to loved ones at the lowest possible tax cost. However, if you have creditors, you need to be aware of how fraudulent transfer laws can affect your estate plan. Creditors could potentially challenge your gifts, trusts or other estate [...]
(#477) College-Aged Children Need a Basic Estate Plan
If your son or daughter currently is home from college on winter break, now is a good time to sit down and discuss a few estate planning documents he or she should have at this stage of life. Let’s take a closer look at four such documents: 1. Health care power of attorney. With a [...]
(#476) Bogus Vendors May Be Costing Your Company a Bundle
Are you harboring fictitious vendors in your accounting system? These are vendors invented by an employee — usually someone with the authority to approve invoices — to embezzle from the company. Thieves fabricate invoices and deposit payments to the fictitious vendor in their own bank accounts. This scam is easier to perpetrate in companies with [...]
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.
