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The Mallard Money Blog

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The New Tax Proposals

Democrats on the House Ways and Means Committee released their tax agenda on September 13th. The next step is for the proposals to be debated in Congress and finalized in the weeks to come. However, it is likely that the end result will be similar to these proposals, therefore, it is time to review the major changes.

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Opportunities & Perils of No 2020 RMDs

In 2020, many clients are provided with a “once-in-a-lifetime” opportunity to avoid taking their IRA distributions. This also presents an opportunity to create income in lower (never to be seen again) tax rates. However, navigating your taxable ordinary income in a way that avoids creating income at unexpectedly high tax rates is riddled with perils. Be sure your advisor can calculate your 2020 tax, and build multiple scenarios to take advantage of waived RMDs without being hit by the Social Security Tax Torpedo or other such perils.

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Set Up an Alternative to a Private Foundation!

You don’t have to be as wealthy as Bill & Melinda Gates in order to set up your own private charitable foundation. There is an alternative to a private foundation for those of us not as wealthy as the Gates called a Donor Advised Fund (DAF). What is a Donor Advised Fund (DAF)? Simply put, a DAF is your own private charity, funded in a lump sum or over time with cash or securities. You can then invest the dollars in your DAF and allow it to grow, or you can direct your DAF to donate some or all of the funds to the charities of your choosing whenever you decide.

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Build Wealth by Paying Taxes

What if I told you that you could build wealth by paying taxes—and paying them now instead of later? Most clients don’t want to pay taxes at all, let alone sooner rather than later. In fact it is common wisdom to defer income taxes as long as possible. How do you defer income and therefore taxes? The table to the right shows some typical income acceleration / deferral strategies.

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Be Prepared for a Call from an IRS Imposter

A client recently contacted me regarding a very frightening call she received from someone claiming to be from the IRS. They told her that she was facing jail time for fraud and tax evasion. Their tactics were very aggressive and intimidating and they insisted on her sending money immediately to avoid a variety of harsh consequences.

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Are You an Inadvertent Tax Cheat?

In my experience, clients are completely honest in reporting their income. Of course, this is easy when most income is reportable directly to the IRS via w-2's and 1099's! However, there is income some taxpayers think is non-reportable.

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