Category Archives: Taxes

Taxes and the Value of Your Time

Tweet I have written in the past about the value of fully utilizing all deductions when it comes to income tax preparation.  The IRS will certainly come after you if you don’t report all income, but the IRS will not hunt you down to let you know you missed a deduction.   It’s your responsibility to put forth the time and effort, but … Continue reading

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Moving into 2013 with The American Taxpayer Relief Act of 2012

Tweet We’re almost midway through January, and I’m still trying to get a handle on all of the provisions of the American Taxpayer Relief Act of 2012 (ATRA).  This bill was signed into to law by President Obama on January 2nd but made some laws retroactive back to January 2012 (yes, January 1, 2012).  This broad sweeping bill creates a wide swath … Continue reading

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When a Penny Makes a Difference

Tweet Are you a business owner?  Are you an employee who drives a lot and is not reimbursed for mileage? Do you track your business mileage? If you don’t, you should!  Appropriately deducting mileage is a great way to save tax dollars and reduce the largest recurring expenses that we face: taxes. The IRS recently announced the standard mileage rate that goes … Continue reading

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What 2013 may bring?

Tweet Each year at this time, I begin to focus on year-end strategies to help my clients be the best they can be, financially that is.  As a fee-only financial advisor, I have been preparing and spending additional time strategizing for wrapping up 2012 and moving into 2013. As we face the fiscal cliff, we as a country have many decisions to … Continue reading

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Unexpected Inheritance….Now What?

Tweet Beloved Aunt Millie dies and leaves you some cash. Now what? How about a new house? Do you rush out and buy that new car? Unfortunately, a new car is often on the top of the list of purchases. I am often surprised at the lack of forethought that goes into the decision making process of most Americans when it comes … Continue reading

Posted in Cash Flow & Debt, Fee-Only Financial Planning, Financial Planning, Taxes | 3 Comments

RTRP and What it Means to You

Tweet If there’s not enough initials to put after a professional’s (or a non- professional in some cases) name, there a new one to add.  The IRS enacted requirements for those who prepare tax returns and are not a CPA, attorney, or Enrolled Agent. This new designation is a Registered Tax Return Preparer (RTRP). This new designation was enacted to strengthen the … Continue reading

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A New Way to Pay Your Tax Bill

Tweet It’s that time of the year again. It’s time to pay the piper and send in your quarterly estimated IRS tax payments.  Happy, happy, joy, joy!  It’s always fun to write that check. Well, there’s a new (at least new to many of you) method to handle these payments.  The IRS has a system called the Electronic Federal Tax Payment System … Continue reading

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Are you on Track?

Tweet I recently posted an article regarding the importance of correctly measuring your financial growth by using net worth as the measuring stick.  The purpose of the article was to outline the difference in investment growth and net worth growth.  You can revisit the article by clicking here. Now that we know how to measure growth and the importance of understanding net … Continue reading

Posted in Cash Flow & Debt, Estate planning, Fee-Only Financial Planning, Financial Planning, Investments, Retirement, Savings, Taxes | Tagged | 3 Comments

Behavioral Finance 101

Tweet Behavioral finance sounds like a laborious upper level college course required for financial geeks, like myself. But, behavioral finance (at least my definition) is actually one of the top driving forces behind the successes or failures in our personal financial lives. Investopedia’s definition of behavioral finance: a field of finance that proposes psychology-based theories to explain stock market anomalies. My definition … Continue reading

Posted in Cash Flow & Debt, Fee-Only Financial Planning, Financial Planning, Insurance, Investments, Taxes | Tagged | 4 Comments

TN Use Tax

Tweet I have been asked by quite a few of you about the TN Sales and Use Tax. Many of you have received an email from Amazon (or Amazon affiliates) regarding online purchases and the TN use tax due. There has been recent legislation regarding out of state purchases here in TN. Matter of fact, new legislation was signed into law March … Continue reading

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Posted in Fee-Only Financial Planning, Financial Planning, Taxes | 4 Comments