While recent reporting may make it seem that all “rich” people are able to avoid paying taxes, I assure you there are plenty of high-income and high-net-worth people who feel like they are getting kicked in the nuts with substantial tax bills. There is a reason my phone blows up every year around tax season
Taxes
Profitable traders are keen on maximizing retirement plan contributions in trading activities and also in their full-time jobs. Traders are pros at investing, and they understand the power of tax-free compounding while saving for retirement. However, wages are required to make contributions to a retirement plan. Active traders eligible for trader tax status (TTS) can use an S-Corp
Thanks to the Tax Cuts and Jobs Act enacted in 2017, use of donor-advised funds (DAFs) is soaring. They remain one of the best ways for many people to maximize the tax benefits of charitable giving. Contributions to DAFS increased by 80% from 2015 to 2019, according to the National Philanthropic Trust (NPT). Grantmaking from
The Eleventh Circuit has dealt a blow to the beleaguered syndicated conservation easement (SCE) industry in its decision upholding the Tax Court in TOT Property Holdings LLC v IRS. As I have noted elsewhere SCE is an industry based on nonsense. Investors buy into a partnership that has recently acquired a property. They then vote to donate an
Beginning in July, most families with children will receive up to $250 a month per child ($300 for children under 6). Those payments are advances of the Child Tax Credit (CTC), which was temporarily expanded in the American Rescue Plan (ARP). The CTC expansion and monthly advance payments should be extended past their scheduled expiration in 2021. But that’s