Inflation Is Here: What you need to do NOW about your newest tax

Maybe you’re a crypto billionaire, so you don’t care about money or inflation. But on the off-chance that Elon Musk isn’t looking over his shoulder at your net worth, you’ve probably noticed that inflation is everywhere – at the grocery store and at the gas pump; plus home rents are way up. But you’ve also […]

5 Books Every CPA Should Read

Tax season is almost over, and tax preparers can’t wait. During the off season, one of my favorite hobbies is reading. I’ve listed 5 books that I think are important for every CPA to read. These books have nothing to do with accounting. They help you in other aspects of your business that are usually […]

Marginal vs Effective Tax Rate

“What’s my tax rate?” This question is more complicated than it sounds. That’s because we have a Progressive Tax System. When a country has a Progressive Tax System, every person has two different tax rates. A Marginal Tax Rate and an Effective Tax Rate. I’m going to explain what the difference is so you’ll know […]

Charity Deductions

Donations to charity are tax deductible, but depending on whether you give cash, stock, or personal items you get a different type of deduction. Last year Congress created a new charity deduction called the Cares Act Charitable Contribution allowance. It allows a cash charity deduction without itemizing your tax return (more on that later). However, […]

IRS Tax Brackets for 2022

On Wednesday the IRS released the amounts for tax brackets and standard deduction for 2022. They said due to the high amount of inflation, the brackets increase much more than normal. If you’ve been following the news, the CPI (consumer price index) was 6.2% for inflation for October, which was the biggest increase in 30 […]