Tax season officially opened January 23rd and I happened to catch an ad on television of Humpty Dumpty doing his taxes sitting on the wall using an over-the-counter tax software bundle on his phone! Well, no surprise there but yes, Humpty Dumpty did have a great fall and yes, he did crack up! I guess there is a moral to this story…my take on that is NOT to do your taxes on the phone in the first place but then again if you are Humpty, you are not going to listen to me, are you?
Archive for Manasa Nadig
I for one am glad that 2016 finally ended. Coming out of a contentious election with a boat load of vitriol thrown around, I don’t know about you, but I was swinging between the need for relief for it all to be over and the fear of who would take over the presidency and if it would go into capable hands. I am so glad tax season started so I can get to the business of preparing returns!
There is a lot of attention these days on big companies (Apple, Google, General Electric, Facebook and others) stashing their earnings overseas in what are considered tax havens to avoid paying U.S. taxes on their corporate income. Some international tax reform proposals have been suggested as to how to get the corporation to either bring this stash back into the U.S. by way of a “repatriation holiday” or “deemed repatriation” or ending the system of tax deferrals. Read more
When that first leaf changes color, there’s a nip in the air, and the sunshine starts to fall into corners it did not before, you know the year is coming to an end. Typically that is when I start getting phone calls for year-end tax planning.
This year has been tumultuous, to say the least, as we recover from all the pre- and post-election trauma or elation depending on which candidate you favored. We need to put our tax plans in place based on what we know about likely tax changes for 2017 and 2018.
A Gig, I thought, always had a kind of 1950’s/ 1960’s hipster vibe. This was something you did on the side while waiting for real life to catch up! The Gig is gaining more legitimacy these days, I believe. It means a free-lance or a side job you hold down out of interest or necessity. It is also called a “Gig Economy,” or a “Shared Economy,” and sometimes people hold down more than one or two gigs.
One of the most positive aspects of my job is to talk to people who come in with their start-up ideas. Whether those are tried & tested ideas or totally out of the box schemes, the excitement at starting something new is always palpable. It’s like planning a baby’s room or buying a new house.
Having moved around a lot growing up, I think I have had the most unique of experiences and, learnt to assimilate wherever I am, and to make connections with people. But of course, I never saw it as an advantage while I was still little. Having to say goodbye to friends more often than not and starting over in a new place was painful. Even with all the worldwide turmoil these days, travel continues to fascinate me. My husband and I would like to travel a lot when we are retired, which definitely differs from moving house from place to place, and that brings us to today’s topic.
There is something about old doors and entryways that fascinate me! Maybe it is the mystery of what lies beyond, the unknown, the thrill of opening closed doors to discover new places, new feelings, new people. But it is not as simple as that anymore, is it? These are different and more difficult times we live in now, I guess!
We could go down a very deep, philosophical route examining what Identity is, but we have to limit our discussion here to what Identity is in a digital age. And we all know how that ties into our finances!
We also know of all the hacks trying to get in on that precious information.
My kids did their share of summer camps growing up and like many other parents, my husband and I dealt with guilt and whiny kids. Many are luckier than us; they have a Flex Spending Account (FSA) through their employer to defray some of the hefty costs of day-care. Let’s take a look at what summer camp costs are tax-deductible.
Mutual funds are defined as “an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments, and similar assets.”
The logic behind investing in mutual funds is that, instead of placing money directly into the Stock Market and losing due to incorrect speculation, the investment is handled by efficient fund managers. Risks are lowered due to the diversification of the portfolio according to an individual’s risk tolerance. That’s what mutual funds are for those who didn’t know.
I looked up my last blog post and realized I have not posted here since January! What a tax season it was, and how did time get away from me? Oh wait…I know how!
The past few years have seen a steady growth of a client base that has foreign accounts: no complaints there! Most clients have very routine FBAR filing requirements but then sometimes things are a little out of the ordinary and that gets me all excited…yes, I know..it does! That either tells you about my lack of a life during tax season or we should just notch it up to tax nerd-iness!