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7 traits to look for in a CPA firm

Consider the human lifecycle. No two are exactly alike. We can, however, credit the IRS for imposing at least one trait that unifies us all. That is the expectation that we taxpayers must boil down a year’s worth of financial events into one annual income tax return. If you’re reading this, you’re probably aware that […]

Does the IRS Call You?

Ring ring, ring ring…. have you ever been asked why aren’t you picking up your phone? Well, in my case it’s because the phone number from which I’m receiving the “call” appears to be following a pattern of repeating the first 6 digits of my number… and when it goes to voicemail, a nice automated […]

Tax Strategies for Individuals – Part 2

View part I here. Withholding for 2018 The Tax Cuts and Jobs Act enacted in 2017 has many changes that could affect individuals’ Federal tax liability in 2018. For example, many people who used to itemize their deductions will be using the increased standard deduction in 2018. It is a good idea to review the […]

Tax Strategies for Businesses – Part 2

View part I here. The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of businesses. Please consult your HM&M advisor if you would like to have a conversation about how your business has been impacted or any of the following strategies. Tax Strategies for Businesses – Part […]

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Tax Strategies for Individuals – Part 1

Considering Standard Deduction Increase Given the increased standard deduction for 2018 will you still be eligible for itemizing your deductions? If the total of your allowable itemized deductions exceeds the standard deduction you should still keep track of your expense documentation for support in deducting those amounts on your tax return. The new standard deduction […]

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Tax Strategies for Businesses – Part 1

The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of businesses. Please consult your HM&M advisor if you would like to have a conversation about how your business has been impacted or any of the following strategies. Tax Strategies for Businesses – Part I New Corporate Tax […]

Tax Strategy: Qualified Charitable Distributions

Almost everyone 70 ½ years of age or older must take (almost always) taxable required minimum distributions (RMDs) from traditional or inherited individual retirement accounts (IRAs). Individuals may distribute up to $100,000 tax-free from their IRAs to certain charitable organizations. These distributions are called qualified charitable distributions (QCDs). QCDs count as RMDs. QCDs have always […]

Tax Strategy: Bunching Itemized Deductions

Under the Tax Cuts and Jobs Act of 2017, an old strategy of “bunching” itemized deductions is new again. In the past (as recently as 2017), particularly in Texas, some people regularly paid two years of property taxes (“bunching” the two years’ worth of deductions) in Year One and itemized their personal deductions in Year […]

Bitcoin! (Now That I Have Your Attention, Let’s Talk Taxes)

Today, Carrie Reese authors our HM&M blog. I was raised by a Marine and a CPA. To put it lightly, following the rules was a BIG deal growing up. Naturally, when Bitcoin (the first virtual currency) started weaving through the news in 2010, I clutched my pearls while being simultaneously positive that this information would […]

OK, President Trump. Game On!

I was planning to pen a short note wishing all my clients, friends and readers a happy and prosperous 2018.  Plans change. On Thursday, December 28, President Trump told the New York Times that he knows taxes “better than the greatest CPA.”  Them’s fightin’ words, Mr. Trump. I may or may not be the greatest […]

Making Laws and Sausages: Not A Pretty Sight

My Comments on December 4, 2017: A quote attributed to 19th century German Chancellor Otto von Bismarck crosses my mind frequently of late.  “Laws are like sausages.  You should never watch them being made.” He is right.  For a time, I lived and worked in the sausage factory on the Potomac.  Law-making wasn’t pretty then. […]

IRS: The Nice Guys Once Again

About two weeks before the wildfires struck northern California, my wife and I spent a few days in Napa Valley.  We went to a stunning estate to celebrate the perfect nuptial ceremony featuring a beautiful bride.  There aren’t many places more gorgeous than California wine country.  My friends there tell me that still is true, […]

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