How NOT to Hire Your Kids

It’s been awhile since we offered one of our technical Client Alert letters. (Of course, it’s also been awhile since any change in tax law gave a reason to alert clients!) But on March 8, the Tax Court issued a cautionary decision that applies to all of our clients who hire their minor children to help manage their businesses or investment real estate. That decision gives you the chance to score points for helping them avoid problems, and let them know you’re staying on top of the changing laws that apply to them.  Read more…

It’s April 18… Now What?

Everyone remembers where they were when Kennedy was shot. (For most of us, I suspect, the answer is “not born.”) But do you remember where were you at 4:34 on Monday afternoon? Tony “Loopholes” Amatore was pressing “Send” on the email below, and it’s well worth examining:

“Well, it’s 4:30pm eastern time tax day, April 18th. I have just finished my 32nd marathon or (tax season.) I’m just finishing up my two tax plans, my tax return and my updated FAFSA for both of my kids’ colleges.

As I sit here and reflect, this one ran pretty smooth, thanks to 2 college interns and a new admin, all new staffers.

For the first time as I sit here before heading home early, I ponder, is it time to retire (Florida maybe), slow down or keep on truckin’?

For the first time, thanks to all of you at Tax Coach, I have options. Ain’t life grand. Options.

I will ponder them on my day off tomorrow.

God Bless.

Anthony J. Amatore”
Read more…

Our Hero of the Week

Our hero of the week for April 14 is John Drawdy, of Woodstock, GA. John joined us for yesterday’s Member Call-In, and apologized for missing the previous week because he had been taking his family on a seven-day Disney cruise. (Not one of those dinky three-day cruises to the Bahamas, but seven glorious fun-filled days.) In “the season” – and not just “in” the season, but the first week of April!

People outside our business just assume that this time of year is a grind. And for some of us, it really is. But it doesn’t have to be that way. This year, more than ever, I’ve seen TaxCoach members all across the country taking control of their businesses in ways they never thought possible. Read more…

Inquiring Minds Want to Know

There’s an amazing story making the rounds of newsrooms right now that you can harness to grow your tax-planning business. No, it’s not The National Enquirer’s bombshell claim of Senator Ted Cruz’s five affairs (although they were right about John Edwards). No, it’s not widespread rumors that one of the current presidential candidates will turn up in the D.C. Madam’s “little black book” (although they were right about Senator David Vitter).

I’m talking, of course, about the Panama Papers – 11.5 million leaked documents spilling the beans on 14,000 clients who used a Panamanian law firm called Mossack Fonseca to set up over 214,000 shell companies across the globe. Read more…

The Difference between Us and Them

If you’re like most tax professionals right now, your nose has been buried in returns for the last eight weeks. With two weeks left in “the season,” you’re too busy to even be thinking about growing your business after April 18, let alone actually doing anything about it.

And that’s fine, if you’re happy being like “most” tax professionals. Same practice. Same results. Same daily grind, year after year.

Hopefully, that’s why you’re here – for something different. The most successful TaxCoach members are busy, too. But not just filing returns. They’re busy crafting and implementing plans to build businesses to support their lives. Read more…