Our Blog

  • Don’t Be a Tax Park and Bark!
    by TaxDoctor on July 23, 2021 at 1:11 pm

    Go to any party, any backyard BBQ, baseball game or the yacht club on race day and you are likely to hear someone complaining about taxes.   People love to hate them, but they act as if they have no control over them!  Taxes are not a storm over the ocean that “at God’s will” might or might not come to shore and wipe out a town.  They are a known, published set of taxes on various income types, with rules.  Like a chess game, if you want to win you can study the rules and the game and when the opponent makes a move you can make the appropriate counter move and win.  There are offsets and credits in the

  • Are Taxes Fair?
    by TaxDoctor on July 16, 2021 at 2:16 pm

    The answer to that might surprise you.  Because, for the most part, the answer is yes.  However, sometimes they are only fair if you know how to “play the game”.  Most people think only the wealthy can avoid paying income tax because they know how to play the game.  Well, at a much lower level, everybody knows some of the tricks to “playing the game”.  For instance, you might be contributing to your 401(k) at work.  Well, you’re playing the game.  However, you might not know that even though you’re contributing everything you can to your 401(k) at work, you’re still allowed to open an additional private IRA, and take another several thousand dollars off of your taxable income.  That trick is “knowing the rest of the rules

  • Biden is Shaking the Tax Tree…What Will Really Fall Out?
    by TaxDoctor on July 9, 2021 at 2:09 pm

    With every new president, we hear that taxes are going to be changed.  Some promise to lower them in order to get elected, even though there is no way for them to go down while we spend the way we do, service our huge debts and keep the lights on.  Some say they are going up, but only on “corporations, or the rich, or”…and they pick out a villain for everyone to hate.  Those people, however, are the people that give politicians hundreds of millions of dollars in order to help them get elected.  Those promises fade, get changed and loopholes that are plugged get unplugged. Most of what actually gets passed affects the people or industries that have the

  • Taxes, Like Rain in the Spring, are a Constant, But You Can Open an Umbrella
    by TaxDoctor on July 2, 2021 at 2:34 pm

    Many people are looking at their calendar and realizing that June has passed, and although they had great intentions in March and April of getting proactive in and around learning how to mitigate this year’s tax outcomes, the time has slipped by.  People who should be storing capital differently in that stock brokerage account have already been paid six months in dividends that are coming to them as a 1099 next tax season. Those people that meant to move the funds out of the bank are going to receive six months of interest now.  People who see the calendar, see the date, and are already feeling remorse, often say “Oh well, too late again this year”, since mentally, “the damage

  • It’s Summer and If You’re At the Ocean There Are Surfers. I’ve Noticed, Surfers Are Like Tax Planners.
    by TaxDoctor on June 25, 2021 at 1:56 pm

    The surfers sit and look at the horizon and anticipate the size of the waves. It’s not an exact science, but they make their choice and then, the most important part, they proactively paddle like crazy toward the oncoming wave crest, well ahead of its arrival.  This allows them to meet the wave on their own terms, rather than seeing what they get when it arrives, as they sit and do nothing.  Because of this action, they turn in time to ride the wave, and show off their ability to plan and execute. Taxes, of course, can often be watched on the horizon and anticipated, especially if it’s a big wave.  You know you are retiring in November and you have built up

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