Intro to Roth Conversions


In this video, we'll discuss retirement investment planning, specifically, Roth IRA conversions. Understanding Roth conversions should be a part of any financial investment planning you undertake.

Some specific areas we'll cover:

-- where does Roth conversion planning fit

-- ensuring tax free benefits

-- how to do a Roth conversion

-- traditional IRA to Roth conversion

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Pandora Papers Offers a Fascinating Look at Offshore Havens

pandora papers taxes Oct 20, 2021

A couple of weeks ago, the International Consortium of Investigative Journalists (ICIJ) released another expose of offshore tax havens, called the Pandora Papers.  This was the latest expose on this subject since the infamous Panama Papers from 2016.

A long read, but worth it if you can't get enough of tax strategies and how wealthy individuals seem to always manage to find these kinds of loopholes.


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Running a Trading Business – and What it Means for Your Taxes

The average American taxpayer is not aware that people who officially qualify as running a trading business receive special tax treatment. Their income comes from the profit they make by trading options, equities and other asset classes, and is viewed as “investment” income. Investment income is taxed differently than salary and wages, which are considered “earned” income.

There are significant differences between the way that investment income and earned income are taxed and how the two can be combined. Let’s take a closer look at what being considered a trader entails, and what its impact could be.

The Requirements for Being Considered a “Trader”

The Internal Revenue Service defines a “trader” as a person in the business of buying and selling securities for their own account. The criteria for this classification include:

  • Seeking profit from the daily movements of the market and from changes in securities prices rather than...
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Defer Taxes with Installment Sales


Article Highlights:

  • Capital gains rates
  • Surtax on net investment income
  • How it works
  • Existing mortgages
  • Tying up your funds
  • Tax law changes

Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income.

Capital gains rates: Long-term capital gains can be taxed at 0%, 15%, or 20% depending upon the taxpayer’s taxable income for the year. At the low end for 2021 (not over $80,800 for joint filers, $54,100 for head of household status, or $40,400 for other filing statuses), the capital gains rate is zero. If your taxable income is  more than $501,600 (joint), $473,750 (head of household), $445,850 (single) or $250,800 (married separate), the capital gains rate is 20%. If your taxable income is between the low and high end amounts, the rate is...

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ProPublica Exposes Estate Tax Strategies for the Wealthy

estate tax grat taxes trusts Oct 06, 2021

Back on September 28, ProPublica published another article in its The Secret IRS Files tax series, this time turning its attention to a commonplace estate tax avoidance strategy known as the Grantor Retained Annuity Trust, or GRAT. 

Check it out here and leave your comments below on whether you think this approach is justified since it's in the tax code, or if it's ripe for change.  

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Real Estate Tax Benefits cont.


In this video, I'll go over converting primary residence to rental property and the associated tax implications. I'll teach you how to classify your rental property for tax treatment. I'll also clarify some common terms like mixed use property and the Augusta Rule.

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Tax Planning Strategies (cont.)


In this video, we'll cover more tax planning strategies and ways to pay less tax and increase cash flow. We'll do a deep dive on business tax planning, in particular.

You'll find out how you can apply various business tax incentives to accelerate your after-tax cash flow and then funnel that cash towards increasing your net worth. These tax savings tips are invaluable to your success at building wealth!

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Writing Off Your Business Start-Up Expenses

Article Highlights: 

  • $5,000 First-year Start-up and Organizational Expense Write-off
  • Timely Filing Requirements
  • Qualifying Start-up Expenses
  • Trade or Business Purchase
  • Qualifying Organizational Expenses
  • Expense Write-off Limitations
  • How to Make the Election
  • Other Considerations

Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal.  New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation. These type of expenses not deductible in the first year of the business must be amortized over 15 years. If a taxpayer who incurred start-up expenses does not make the election, the start-up costs must be capitalized, meaning that the expenses can only...

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Asset Protection Strategies


In this video, you'll learn about asset protection strategies and why they're so important for your wealth planning.

We'll cover the following topics:

-- entity ownership of business assets

-- entity responsibility for business debts

-- personal asset risks

-- business income tax considerations

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Easily Check the Status of Your Tax Refund

tax refund taxes Sep 13, 2021

Article Highlights: 

  • Your Federal Tax Refund Status Can Be Checked Online
  • Delay When Claiming Earned Income Tax Credit or Additional Child Tax Credit
  • “Where’s My Refund?”
  • Refunds Are Generally Issued Within 21 Days of E-Filing
  • Paper Filed Return Will Take Longer
  • Information Needed to Check Refund Status
  • Direct Deposit Provides the Quickest Refunds
  • When to Call the IRS

If your 2020 federal return has already been filed and you are due a refund, you can check the status of your refund online. Note: if you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS will not issue refunds until the first week of March provided you e-filed, chose your refund to be direct deposited and no issues were found with your refund.  

Where’s My Refund?” is an interactive tool on the IRS website at Whether you have opted for direct deposit into one account, split your refund among several accounts, or...

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