Tax Warrior Chronicles

GUEST BLOG - Are Most of Your Retirement Eggs in the Same Tax Basket?

Posted on Wed, Feb 12, 2020

By: Jeremy Gussick, MBA, CFP

 

As the busy tax season gets into swing, we like to tap friends in the financial planning world to help our clients and subscribers with their planning. Jeremy Gussick of LPL Financial is no stranger to our subscribers.  Today, he talks about taking distributions from various types of retirement accounts in the most tax-efficient manner.

 

Did you know that the vast majority of assets currently saved for retirement in this country are all in the same tax-structured account type?  And by saving in this fashion, you may be placing some significant limitations on your ability to grow and distribute your assets during retirement in the most tax-efficient manner? 

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The Fairness of Taxes from the Perspective of Children

Posted on Mon, Apr 08, 2019

By: Eric R. Elmore

 

I’m privileged to work with many talented tax professionals—some are the best minds in tax. Our advisors tackle complex planning for many of the wealthiest families in America. Graduate degrees and credentials acquired over years of practice include CPA, MT, JD, LLM, PFS, CFP, and MBA. However, when we asked children at Philadelphia’s Mighty Writers to give us their interpretations of taxes, their answers reflected a surprisingly good understanding of the subject, despite their lack of financial or legal education.  Before we give you their responses, a little on Mighty Writers and how The Tax Warriors® became a big fan.

 

Mighty Writers is a writing academy for

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Reconstructing Business Records After a Disaster

Posted on Tue, Oct 17, 2017

By: Eric R. Elmore

 

The latter half of 2017 has been a trying time for many U.S. businesses. Disruption and damages from Hurricanes Harvey, Irma, Maria and Nate, and California wildfires have affected business owners who now wonder how to carry on in the aftermath.  Insurance, federal assistance agencies and the IRS require certain documents, which may have been lost or damaged, to make claims and place values on losses. In today’s post, we’ll share some tips on getting your business house back in order after a disaster.

 

Natural disasters wreak havoc on all in their paths.  Businesses face unique challenges because they are the lifeline to the community and their employees.

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Millennial Series VII: Refinancing a Home: What You Should Know

Posted on Tue, Oct 10, 2017

By: Matthew Walker, CPA

 

Have you wondered when is the best time to refinance your home? There’s no simple answer to this question. Generally, if the prevailing rate is 1% better than your current rate, it’s worth it to refinance. But, of course, other factors must be considered. Today, we will look at some of the basic questions you should ask yourself and the lender before you refinance your mortgage.

 

The most important things to know when considering refinancing is what is the prevailing rate and how long do you plan on staying in the home before moving.

 

What Are Your Objectives

Like most major purchases, it comes down to knowing your objectives.  The time you plan on staying in

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New Tax Strategy for Foreign Investors in U.S. Partnerships

Posted on Wed, Sep 27, 2017

By: Yi Yang, CPA, MBA and Ronald Wiener, JD

 

A recent United States Tax Court case may allow foreign partners to legally avoid paying U.S. income tax on certain income from sale of its interest in a partnership (including LLC’s taxed as a partnership) that engages in a trade or business in the United States.  They may even be able to get refunds if they paid taxes to the IRS on such income in prior years.  This is the principal takeaway from the Tax Court’s 50-page opinion involving the tax treatment of a foreign partner’s disposition of its entire interest in a U.S. partnership.

 

The Background

 

A nonresident alien individual or foreign corporation is generally subject to U.S. income

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Millennial Series Part V:  Tax Help for Having or Adopting Children

Posted on Tue, Aug 29, 2017

By: Stefanie Ostrich, CPA

 

Welcoming a child into your life is among the most exciting life experiences.  Get ready to feel love like you never knew.  With the love, however, comes many new expenses, like diapers, formula and child care just to name a few.  However, there are multiple tax benefits and tax planning opportunities to help offset some costs. Let’s look at some of the more significant ones.

 

Dependents: 

Usually you can claim a child as a dependent on your tax return starting with the tax year during which your child was born, even if your child was born on the last day of that year.

 

Exemptions:  If you can claim your child as dependent, then you will get an additional

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Estimated Taxes Due September 15th…Are You Prepared?

Posted on Wed, Aug 23, 2017

 

In anticipation of the September 15th deadline for 2017 Q3 estimated taxes, we are re-running a post which outlines making estimated tax payments if you receive income that is not subject to withholding, and the penalties for not doing so. If you receive such income, or have clients who do, this primer is good to keep within reach.

 

Estimated Tax Payments for Individuals – The Who, What, When and Why

 

In today’s edition of the Tax Warrior Chronicles, we will explain when it is necessary to make estimated tax payments and the rules for paying the minimum amount of estimated tax without triggering the penalty for underpayment. There is a lot to know, so put on your learning caps.

 

When

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Game of Thrones: How Some Royal Families Are Taxed…and Why

Posted on Wed, Aug 02, 2017

By: Eric R. Elmore

 

Recently, season seven of the popular HBO series Game of Thrones premiered. The much-anticipated return of the show is the subject of many Monday-morning water cooler conversations, including at Drucker & Scaccetti. Tax Warrior banter, however, often includes questions around taxation. Since being curious is one of our core values, we did some research on how some real royal families are taxed. What we found is interesting.  Today’s post covers four European dynasties and how their taxation is administered.

 

Since the beginning of sovereign states thousands of years ago, taxation usually consists of sovereigns taxing their land-holding subjects to support wars,

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Millennial Series: Part II – Tax Tips for Getting Married

Posted on Thu, Jul 20, 2017

By: Cecilia Fernandes

 

The question has been popped; and the answer is “yes.”  Now, you have a wedding to plan.  Both of you immediately think of things like a dress, a reception hall, guest lists, honeymoon locations, etc. Rarely are taxes part of the equation while planning a wedding; but they are an important part of your new life together. In today’s blog, part of our Millennial Series, we’ll touch on some important steps to minimize tax exposure as a married couple and some other administrative tasks to make the transition from being single to married as smooth as possible.

 

Choosing a Filing Status

Your marital status is determined on December 31st of the tax year you are filing.

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City or the Burbs?  The Choice of Moving to Philadelphia

Posted on Thu, Jun 22, 2017

By: Tim Carroll, CPA, MT

 

The City of Brotherly Love, home to The Tax Warriors, is high on most lists as a suitable place to live and work. Whether you are a new graduate, in the middle of your career, or a recent retiree, Philadelphia is an attractive choice for a new home. On the other hand, any of the charming surrounding suburban towns could be the ideal place for you.  Today, we will examine a few considerations when deciding whether to live in Philadelphia or one of the surrounding suburbs...and, yes, taxes are one.

 

This wouldn’t be a tax blog without first examining the tax impact of your search for a new home in the Delaware Valley.  For starters, there’s no getting around the

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