Monday Morning Quarter-Buck 3-4-2019: It's Taxing Time! by Amy Irvine

Happy March! Last week was exciting as we celebrated America Saves Week!  We offered 4 classes last week, three of which are now on YouTube and on our website if you are interested.  The classes include:

The fourth one was a live class on teaching kids about money - that was SO MUCH FUN - I just love what kids say about money!

I also love March for so many reasons.  It’s a month of celebration in so many ways, it starts out with my birthday in the beginning of the month, then to continue the celebration, St. Patrick’s Day is in the middle, and then rounding out the month is the first day of Spring!  Who couldn’t be excited about a month like that? I know some of you are not feeling the excitement and feel like it is more of a taxing time (pun intended).

It’s Taxing Time!

By Financial Planner Amy Irvine, CFPⓇ, EA, MPASⓇ

“May your troubles be less and your blessings be more And nothing but happiness come through your door.” - Irish Proverb

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We know you really don’t like doing this, but we promise to make it as easy as possible. Besides, you might even find some last-minute moves you can make that will make you chortle with glee at pulling one over (legally) on the tax man. In order to make it a little fun, we thought we would share a few fun quirky tax facts provided by Carol Craige of Fiscal Fitness Clubs. Of course, we will also be giving you good practical advice on how to prepare and get the most from us or any other tax advisor.

Quirky Tax Facts: Did you know…?  

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  • Athletes must file taxes in every state where they have played.

  • Russia once had a beard tax. If you had a beard during the rule of Peter the Great, you had to pay up. Apparently, the ruler wanted his people to look more like the modern, smooth-faced Western Europeans.

  • Drug dealers still pay taxes. The IRS includes a section about how drug dealers can pay taxes, with specific provisions about how drug dealers can’t claim business expenses, which tax codes they should use, and details on penalties for claiming narcotics distribution as a job.

  • Lady Godiva’s famous nude horseback ride was actually a tax protest. Lady Godiva’s husband told her he would reduce taxes on the people of Coventry when she jumped on a horse and rode naked through the town.

Source: Napa Valley Register

For the past month we’ve been up to our elbows with tax related planning and preparation.  The common frustration around taxes that we hear around this “process” is the amount of organization required.  You’ve got information coming from all sorts of sources, some paper, some electric, some from what feels like the sky.  And just as you think you have them all, and you’ve delivered them to us, SURPRISE, one more trickles in! The organizers we used this year were meant to streamline the process a bit with a list of the items you’ve had in the past, but if you’re self preparing, here is a full blown list of the items we walk through “behind the scenes.”  Don’t leave anything on the table!