Episode 32: Year End Tax Planning
Ron Cohen talks about year end tax planning.
Transcript:
Today we discuss:
-A review of year end tax planning issues and strategies
About Ron Cohen’s Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.
No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.
Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We’re not writing any novels, nor creating deep or original thoughts here.
No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that’s legislative has its own political ups and downs. And I feel free to comment on that.
How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations
No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it’s tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don’t like it. Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!
Please let us know if there are specific topics you’d like to hear about in future episodes.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661
Show Notes:
Year-end Tax Planning: www.cchwebsites.com/content/pdf/tax…ng_Briefing.pdf
Roth Conversions – and back-door Roth IRAs.
www.investopedia.com/roth-ira-conve…-rules-4770480
www.wealthyaccountant.com/2022/04/11/r…-conversion/
Health Savings Account (HSA)
www.healthcare.gov/glossary/health…gs-account-hsa/
To view more content like this, click here to subscribe to our YouTube channel
And click here to receive our FREE Newsletter.
Thank You!
When Is a Good Time to Get Into the Stock Market Game?
Anyone who has ever studied or even followed the stock market knows that market ebbs and flows. There will always be ups, and there will always be downs. That’s simply the nature of investing. If it were easy to predict then everyone would be successful and wildly wealthy.Last year saw amazing gains in the stock market, as a whole. However, this year, things have been heading in the other direction. Just last month the market saw some big dips, including a one-day loss on the Dow Jones of more
Five Tips for Staying Ahead of the Avalanche
I was talking to a coworker the other day about work. He responded that he felt swamped and work was descending upon him like an avalanche. Besides the over the top hyperboles, there are many that I have talked to that feel overwhelmed by their work and that’s not good.Stress can have negative effects on the body, mind, and spirit. Stress in one aspect of your life will often lead to more stress in other parts of your life. One real life example is Tiger Woods. It was very sad watching all parts
Selling globally: How to get started
Selling globally: How to get started For many businesses, selling their products or services globally is a natural next step in their growth. But while the prospect of billions of new potential customers is attractive, going global can be a daunting proposition. Here are a few tips on how to get started. Tap your network. …
This Year Will Be the Last Time You Can Claim These Deductions
This Year Will Be the Last Time You Can Claim These Deductions If you’re like many taxpayers, then you’ve already filed your 2017 tax return, and perhaps even received your refund. If so, congratulations are in order. You can now forget about taxes for another year…although we don’t recommend that. On the other hand, if…