Tax Warrior Chronicles

Warren Buffett’s Lesson on Donating to Charity

Posted on Fri, Oct 18, 2019

CharitableTaxDeduction-resized-600There’s a reason why Warren Buffett is revered as one of the wealthiest men in the world.  He’s mastered the ability to grow his wealth while making strategic and tax efficient moves. His most recent move in charitable donations is a perfect example.

 

It was announced earlier this year that Buffett, chairman of Berkshire Hathaway, Inc., pledged to donate his shares--worth approximately $3.6 billion--to five charities.  This is part of his plan to donate over 99% of his fortune to charitable ... Read More

Different For the Sake of Being Better…

Posted on Thu, Oct 17, 2019

Jane-ScaccettiThis is the time of year when experienced tax professionals may be looking to change firms. For all professionals, serious about their career, it is difficult to know where you will be happy and find meaning. There are so many factors to consider. We all value loyalty. And, as someone once told me, ‘the grass may be greener, but you still must mow it!’ But for many, especially those serious about their tax careers, they may want to consider a different firm--different for the sake of being better. After ... Read More

Renting a room? That Income is Taxable. However...

Posted on Fri, Oct 11, 2019

STEPHANIE OTAKE - OFFICIAL - 2017-1By: Stephanie Otake, CPA

 

Suppose you are someone who lives near a college town or resort area and have extra rooms to spare in your home. You think to yourself, why not rent out one of the rooms since you aren’t using the space and make some extra money? Well, you could. But, since you are receiving rental income now, taxing authorities also want their share.

 

This ... Read More

Disallowance of Excess Business Losses

Posted on Thu, Oct 03, 2019

Steven-A-BraunBy: Steven A. Braun, CPA

 

The Tax Cuts and Jobs Act added Section 461(l) to the Internal Revenue Code (“the Code”), which limits the excess business losses of noncorporate taxpayers.  The limitation applies to sole proprietors, partnerships, S Corporations, limited liability companies, estates and trusts for years beginning after December 31, 2017 and before January 1, 2026.

 

Excess business loss ... Read More

Retirement Planning Late in the Game

Posted on Thu, Sep 26, 2019

MATT WALKER - OFFICIAL - 2016By: Matthew Walker, CPA

 

Every day you put off funding your retirement is another day your nest egg could be growing. Starting late may seem like a tall task, but it is still possible to set aside enough for a comfortable retirement if you begin the process now, rather than later. It is first imperative that you develop a plan, set goals and begin action. The longer you wait, the harder it will be to catch up. ... Read More

Taxation at Birth/Taxation at Death – The Circle of Life

Posted on Thu, Sep 19, 2019

MATT LEBO - OFFICIAL - 2017By: Matt Lebo

 

As Disney’s live-action The Lion King plays in theaters all around the world, we are reminded of the fable’s signature song, “The Circle of Life.” Taxes are certainly a part of our lives at the beginning and at the end of life. Contemplating this truism, I thought I’d share six (6) tax considerations for those who have welcomed a newborn in 2019, as well as six (6) tax considerations for those who may have ... Read More

Interest Rates and Your Estate Plan

Posted on Mon, Sep 16, 2019

By: Nastassja Markham Coletta, JD, LLM


When people think of estate planninColettag, they rarely consider how the rise or fall of interest rates can impact their wealth transfer goals. WheRead More

So You Want to be a “Venture Capitalist”  Well, Why Not?

Posted on Thu, Sep 12, 2019

ronald_druckerA Venture Capitalist (VC) is a risk-taking investor who provides capital to companies exhibiting high-growth potential in exchange for equity in a company.  Generally, VCs fall into two major groups: 1) those investing in companies demonstrating material business success or “traction;” and 2) those taking a greater risk by investing in companies whose business plan is more conceptual and major business hurdles remain.  Today, we’ll talk about the common traits among both groups of VC investors.

 

VCs willing to ... Read More

Deductions for Qualified Transportation Benefits - Another Casualty of TCJA

Posted on Fri, Sep 06, 2019

SEPTABy: Robert N. Polans, CPA, MT, PFS, and Stefanie Ostrich, CPA

 

The Tax Cuts and Jobs Act of 2017 (TCJA) contained hundreds of changes to our tax law including Qualified Business Income Deductions, limits on business interest expense, limits on excess business losses, and major changes to the U.S. taxation of profits earned overseas.  While much of the noise about the new tax law revolved around these items and ... Read More

GUEST BLOG: Opportunity Zones – A Not-So-Common Point of View

Posted on Wed, Aug 28, 2019

TERRYCUFF (2)Drucker & Scaccetti has written plenty on Qualified Opportunity Zones (QOZ) from all angles of the deal. However, today’s guest author, Terence Cuff, is an accomplished and well-respected tax attorney with quite a different take on the future of QOZs. Be prepared; his views are not mainstream!

 

This blog post may stomp on your marijuana-laced magic muffins.

 

This blog post is based on speculation and intuition, not on careful research. I have never tried to evaluate the economics of a ... Read More