Category archive: Blog

How to Protect Your Client’s Retirement

Income taxes are one area where your clients can make a substantial number of mistakes when planning for retirement. Many individuals, financial advisors included, do not have the knowledge or training necessary to do this correctly. Thousands of dollars may be forfeited in this way, resulting in a lower standard of living for your clients….

Paperless Office

I must admit, when it comes to a paperless office – I’m the worst offender. There’s something about touching, highlighting, creating dogears, and flipping the pages that provides a level of comfort. When I saw this video, I knew that we could never be 100% paperless. Please let me know I’m not the only one…

Common Miscues That MAY Get Your Client Audited

Is one of your clients about to get audited by the IRS? Have you ever wondered why some tax returns are audited, while others aren’t? The IRS doesn’t have enough personnel and resources to examine every tax return, so they rely on a variety of systems to target the returns that will generate the most…

Tax Secrets Most Financial Advisors Forget to Tell Their Clients

Your clients can take the money they would have given to Uncle Sam and grow their wealth instead! If your clients are investing for retirement income, it pays to focus on tax savings to get them there quickly. Here are two tax planning secrets most financial advisors forget to tell their clients. Tax Planning Secret…

Personal Exemption Phaseout & PEASE

What do PEP and PEASE stand for? In the fiscal cliff deal, Congress surprisingly reinstated two additional tax increases. The Personal Exemption Phaseout (PEP) and “Pease,” the limitation on itemized deductions, were 2 tax policies revived beginning January 1, 2013. Itemized deductions (except for medical expenses, investment interest, casualty and theft losses, and gambling losses)…

Group Health Insurance for Small Groups

Certified Tax Coach Q & A: Group Health Insurance for Small Groups Q: Should we assume it will be difficult to get group health insurance for small groups as it is now? A: My personal opinion on the matter is that with the new rules becoming enforced, we’ll start to see a shift in how group…

Opting Out of Obamacare

Certified Tax Coach Q & A: Opting Out of Obamacare What about employees who may be covered under a spouse’s plan, is there still a penalty for employees who have opted out of the company plan ? The employer mandate requires only that coverage be “offered” to employees and their dependents. We interpret this to…

Healthcare Reform Marketing Tax Practice

A lot of insurance brokers are advertising that they can help implement PPACA. What are they targeting? Are they selling insurance or are they giving tax advice? Great question and you’ve identified an outstanding marketing opportunity. What we ARE seeing right now are insurance agents using the new healthcare law as a marketing tool. They…

Are employee reimbursements for insurance deductible?

Related to the Small Employer Healthcare Tax Credit, can the employer reimburse the employee or does he need to have a plan? “Qualified Health Plans” may be offered through cafeteria plans by qualified employers. For tax years beginning after December 31, 2013, a reimbursement (or direct payment) for the premiums for coverage under any “qualified…

New Tax Law – Staying Current

New Tax Law More than many other professionals, tax professionals are constantly faced with the need to keep their knowledge and their skills current. Tax laws change – sometimes dramatically – from one year to the next. If you’re not up to speed on the latest changes, you’ll wind up making more work for yourself…

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