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Think again. Of course, human life is more important, especially when it’s yours! That being said, many of us have a worry list that is growing and if taxes were on that list, they have been pushed down by all the new concerns. There is a growing divide in the U.S. between the people who have been able to keep working and those who have free fallen through the abyss of instant lack of income. Those who own companies and those who work for them. Taxes in most cases for those poor souls that stopped working are not a concern normally, other than having proper withholding, so even less now. For those who kept working however, spending is often down...

Many self-employed and small business owners who did not get applications in before the money ran out the first time around, are now getting them in during this second round of PPP funding, and the frantic level of requests seen previously seem to be a bit more orderly now. Many people we have spoken to say that they are still working in some limited capacity, or had savings and so are getting by and have avoided taking PPP funds, as they don’t feel “as affected”, although they don’t know what will happen in the future. That’s the rub. What if they don’t take the funds today, since they are above water, but the funds again run out, and in August...

It’s hard to be logical all the time about everything. The most financially successful tax clients we serve at least attempt to force themselves to be logical, for their own benefit. For instance, our parents, as well as a subset of the economy including some popular radio show based advisors like Dave Ramsey, say you should pay off your home and have a “free and clear” deed as a goal (they are wrong in most cases by the way). That kind of thinking is emotional thinking, mixed perhaps with some presumptive attitude about what the general populous is capable of. “Well, we know we can’t get people to do what would really be best for them based on pure math...

The tax planning world has been evolving very quickly in the last few months. Needless to say, anyone who felt they had a handle on being proactive is now working with at least one hand behind their back (maybe even two). Accountants that are proactive (a small subset of the overall group) have been very actively communicating with clients who own businesses; self-employed, independent contractors, partnerships and formal corporations. The non-planners have been taking phone calls, the planners have been making phone calls. Later, when the PPP and SBA applications are finished, those same proactive accountants will start working with charitable clients around the new rules that allow for up to 100% of AGI to be taken as deductions. Then,...

With the “world on fire” it’s hard to care about the crisis coming in 2023 or 2024, but especially for retirees or soon to retire folks, next to sheltering in place, it’s the most important thing you can do! Whether you think the stock market will have a V shaped recovery, a W shaped recovery or even an L shaped recovery, the message for everyone should be to focus on the fact that history repeats itself. As far back as World War I, to fund the war needs of the country, the income tax rate jumped from 15% in 1916 to 67% in 1917. A 450% INCREASE IN ONE YEAR! Many other times in history, following black swan events, the...

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