fbpx
(214) 239-4700 READ MICHAEL'S LATEST BLOG: Five Ways to Invest in Your New Normal

Can I deduct that?

A high percentage of the questions a CPA gets this time of year, begins with the simple question.  “Can I deduct that?”

Yes, if it is “Ordinary and Necessary.”

But what exactly do “ordinary and necessary expenses” include?  This also depends on your business.  For instance, if you own a retail store, the IRS wouldn’t expect to see meals and entertainment expenses, travel expenses or auto expenses taken as tax deductions. However, if you are in sales, those expenses could be expected, based on the assumption that you would regularly take clients out to lunch, drive to (more…)

What about a Backdoor ROTH?

First, let’s clear the misconception about a ROTH IRA.

If you do a ROTH Conversion this year, it will cost you money.  However, in the long turn it might be the best tax avoidance strategy you could have.

Why on earth would I recommend paying higher taxes?

(more…)

Got a BIG Game Plan?

Got a BIG Game Plan?The BIG GAME is really every day, not just the first Sunday in February. Yes, on Sunday most of the world that has access to a TV, will be watching the young upstarts Carolina Panthers take on Peyton Manning and the Denver Broncos.

So Michael, what is “THE BIG GAME”?

It happens every day of your life and depending on your game plan can either look as smooth and productive as the 1995 World Champion Dallas Cowboys or as dysfunctional as the 2015 Dallas Cowboys 4-12 season, which was the worst since 1989.
(more…)

Are you a Financial Zombie?

Are you a Financial Zombie?Let me share an initial meeting I had this week with a late 30’s married couple, that came from a client referral. The meeting plan was to discuss their investments, 401(k) and retirement.

Maybe they look like you, or your children or friends or this looks like where you are headed.

They are college educated, both working, and making nearly $200,000 together with have two children ages 6 and 8. In the next few years they will both turn the corner and move into their 40’s. They live in a new house in an outer suburb, both drive cars less than three years old, and they take several vacations each year.
(more…)

Are You OK?

“Everyone has a plan until they get punched in the face – Mike Tyson”

everybodyhasaplanredcropped

How do you like 2016 so far?

I am not one for riding roller coasters and this year has already had so many ups and downs in last three weeks, that I am concerned that someone may earn the call sign of Two Bananas. The only food that tastes the same going down as it does coming back up.

It’s quiz time and I probably already know the score for 80% of you – F

Did you plan for this volatility?

Do you even know how to handle the risk that might be in your investments, IRA or 401(k)?

Have you even looked to see what the year to date change is in your account value?

Do you have a plan and know how much risk and return you need to get the results that make your plan work?

(more…)