tax savings

Tax Planning as a Service

Most people just think of taxes when returns are due. That’s probably because most accountants and other financial professionals don’t offer much else. Tax planning is a specialty. It’s also an incredibly important issue to consider for wealth building success. There are lots of different applications for a tax planning professional. It ranges from careful and calculated steps for long term wealth building to panic button moments where today’s decision could have a big impact on taxes owed tomorrow. Sure, it’s great if you can know in advance what you’ll do in every circumstance, but life doesn’t always happen that way. Good tax planning consultants are not only there for retirement strategies, but are also available when you need input on now decisions that could be costly if not structured carefully. Don’t think you don’t make enough money to make tax planning necessary? Lifestyle focused people can often benefit the […]

What’s the deal with Virginia’s Mileage Choice Program?

Have you heard about Virginia’s Mileage Choice Program? If not, and you drive a fuel-efficient vehicle, you will. In July of this year (2022), the Commonwealth started offering drivers of low mileage vehicles an alternative to the standard fuel tax legislated in 2020. Those who drive electric cars or have automobiles with MPGs of 25 or greater may have noticed an extra charge as part of their registration fee over the past couple of years. It’s calculated on the assumption everyone drives 11,600 miles per year. Those who may be driving a lot fewer miles were being taxed the same as those with many more. The pitch is, it can save those equally but unfairly taxed some money; and it’s being promoted heavily as a kind-hearted initiative for efficiency vehicle sufferers. When anyone shows such enthusiasm over what sounds like a revenue loser, I feel the need to ask […]

Act now to reduce tax liability on healthcare

December 15th is the deadline to register with Healthcare.gov. Don’t roll your eyes thinking this doesn’t apply to you. I’ve had clients paying close to $2,000 a month for health insurance unnecessarily. Because they bought their policy through a broker, they can’t get any of it back. Selecting a plan through healthcare.gov is the only way you can get premium tax credits and subsidies. Most who think they don’t qualify are mistaken. The deadline for healthcare.gov participation is tomorrow, December 15th. Think long and hard before you dismiss this as a wise option. It may cost you more than your annual mortgage payment. Here’s the thing – what you get through healthcare.gov is the exact same insurance you get off the street. This isn’t welfare. You’re paying taxes to support premium tax credits and subsidies. It’s crazy not to capitalize on money your government is collecting from you to support […]