Last Wednesday, Jeff Bezos said in a CNBC interview that the bottom 50% of Americans should not pay federal income taxes. That comment generated headlines in outlets like Fortune, CNBC, Forbes, CPA Practice Advisor, and many others that I read over Memorial Day weekend (and last Thursday I listened to the entire interview – link
One of the most common — and costly — mistakes taxpayers make is waiting too long to respond to a tax notice. Across federal and state tax systems, the time allowed to challenge an income tax assessment is strict, jurisdictional, and unforgiving. Missing a deadline often means the assessment becomes final, regardless of merit. Below
As we approach year-end, savvy business owners and high-income individuals should consider one important strategic move: accelerating charitable donations in 2025. Why? Because starting in tax year 2026, the tax benefit for many large donors will shrink under new federal legislation. Beginning with the 2026 tax year, donors who itemize will only be able to
There are many tax strategies that are overlooked levers for improving investment outcomes. Reviewing a client’s tax return isn't just a compliance exercise—it’s an opportunity to identify meaningful, actionable ways to reduce tax drag and improve long-term financial outcomes. When integrated with a thoughtful investment plan, tax planning becomes a powerful tool to grow and
Over the weekend, I came across an image of a ladder illustrating the stages of wealth, and it really made me reflect. Achieving financial wealth today feels more challenging than ever — with persistent inflation, rising living costs, global instability, and market volatility all playing a role. Still, it’s possible to make steady progress. You
If your child earns income from investments—like dividends, interest, or capital gains—you may need to consider how the kiddie tax could impact your family’s tax situation. Designed to prevent income shifting between generations, this rule applies when a child’s unearned income exceeds $2,600 for the 2025 tax year. While the first $1,300 is tax-free and
From a tax point of view, Real Estate investments can have significant tax advantages if you meet the real estate professional requirement as you might be able to offset active or earned income from one spouse against the active or earned losses of the other spouse. For high earning couples, one can be a high
Back in December 2024, the IRS released IR-2024-310 indicating that billions of dollars were recovered. The IRS indicated that "... The IRS has now recovered $4.7 billion from new initiatives underway. This includes more than $1.3 billion from high-income, high-wealth individuals who have not paid overdue tax debt or filed tax returns, $2.9 billion related
In the FS-2024-28, the IRS reminds us how to treat crowdfunding transactions. Note that there were several articles and posts published related to this topic in the IRS website (See links below) and now the IRS is updating some of their guidance, like the 1099K thresholds. If there is a platform or website to request
As you might be aware, taxpayers are leaving States with double digit State income taxes like California, Hawaii, New Jersey, New York and the District of Columbia for more tax friendly States like Texas and Florida in 2023 as described in the Tax Foundation article. Based on Wirepoints data, if we go back to 2020
