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Tag Archives: tax

Ways to avoid the new tax increase on retirement accounts

retirement accounts

Last month we discussed the SECURE Act and its projected $15.7 billion tax increase on beneficiaries of tax deferred retirement accounts (like 401(k)s, 403(bs), TSPs, IRAs, etc.). The only ones excluded from ...

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Dave Says: Landlords and duplexes

dave ramsey

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   Landlords and duplexes Dear Dave, ...

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The new $15.7 billion tax on retirement accounts

retirement

We have a saying around our office that retirees are one of the highest and most unfairly taxed groups out there and with the recent passage of the SECURE Act things are ...

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Don’t be victim to ‘ghost’ tax return preparers

tax scams

With the start of the 2020 tax filing season near, the Internal Revenue Service is reminding taxpayers to avoid unethical “ghost” tax return preparers. According to the IRS, a ghost preparer does ...

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Dave Says: Teaching the value of work…and money

dave ramsey

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   Dear Dave, Is it okay ...

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Get ready for taxes: Important things to know about refunds

  As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refunds by a certain date, especially when making major purchases or paying bills. Some ...

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Dave Says: Should you have renter’s insurance?

dave ramsey

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   Dear Dave, We just helped ...

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The 401(k) / IRA IQ Quiz: How safe is your retirement?

retirement

While we all love the season of giving, there is one place that many are likely giving far more than they should: the Internal Revenue Service. As we’ve pointed out in our ...

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Dave Says: The partnership, not the family, is the problem

dave ramsey

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   Dear Dave, My two brothers-in-law ...

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President repeals church ‘parking lot tax’

parking lot

President Trump has signed the repeal of a tax law Congress passed that penalized churches and non-profits that had parking lots. The “parking lot tax” was an unintended aspect of the 2017 ...

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The ‘7% guaranteed’ annuity myth

One of the most common things I see when someone comes into our office for the first time if they own or have been pitched an annuity is the belief that the ...

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Need to amend a tax return? Here’s what you should know

Taxpayers may discover an error after filing their taxes. They shouldn’t panic, they just need to correct it by filing an amended tax return. Here are some common reasons to file an ...

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Dave Says – Helping is often more than just giving

dave ramsey

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   Helping is often more than ...

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Do you need help with your IRS problem?

The first IRS problem would be if you have not filed tax returns for several years.  After 3 years, the taxpayer will not get his refund if one is due him. The ...

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Beneficiary mistakes can cost a fortune

Beneficiary designations are important in determining where certain assets of an estate will end up. Many think that a will or trust is what determines where everything goes. This is not necessarily ...

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Democrat-run Illinois to impose car tax on trade-ins

car tax

Car dealers may have a busy New Year’s Eve if Illinois residents try to beat a significant sales tax expansion on vehicle trade-ins that starts in 2020. The state currently collects no ...

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Dave Says – You don’t fake poor

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   You don’t fake poor Dear ...

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What are Enrolled Agents and how can they help you?

Enrolled Agents are tax professionals licensed to represent taxpayers before the IRS.  The Enrolled Agent designation dates back to 1884, when many taxpayers were victimized by unscrupulous representatives when claiming losses in ...

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Getting the taxman out of your retirement — Part 2

Last month, in part one of this article, we discussed how you might be in a lower tax bracket in retirement, but pay a higher tax rate. In this article, we’ll look ...

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Dave Says – Getting motivated

dave ramsey

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   Getting motivated Dear Dave, My ...

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Getting the taxman out of your retirement — Part 1

One of the most overlooked, but perhaps most important, aspects of retirement income planning is taxes and how they relate to Social Security. Taxation on Social Security benefits works differently than other ...

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Local officials learning tax hikes doom consumer spending

City and county officials in Johnson County recently told the Kansas City Star they are ‘puzzled’ by sluggish sales tax collections and consumer spending. They shouldn’t be.  Local officials should realize the obvious. Kansans ...

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Can the church participate in political debate?

A public debate has started concerning the Kansas Supreme Court, who recently found the right to an abortion in the Kansas State Constitution. Is the church legally restricted from participating in the ...

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Dave Says – If you can’t afford a 15-year mortgage…

dave ramsey

Need some financial advice? Debt and income crisis? Pay off the house mortgage first? Check cashing? Taxes? Credit Cards? Check out what folks are asking Dave Ramsey.   If you can’t afford ...

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Want to see your church or charities get 30%-60% more money?

The last couple of years have been a rough one for many charities out there. Most have experienced an increasing demand for their services while simultaneously seeing a large drop off in ...

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