Individual Strategies Archives - Think Outside the Tax Box

Individual Strategies

By Garret Wasny, MA, CMC, CITP/FITP

Navigating the Plagiarism Minefield: Strategies and Solutions for Certified Tax Planners

In the AI era, especially with tools like GPT, plagiarism isn't just copying another's work, but also presenting AI-generated content as one's unique thought without understanding or modifying its output. It's about intent and attribution. If someone blindly takes an AI's output and presents it as their own, especially in professional or academic settings, it can be considered a form of plagiarism. For certified tax planners, understanding and addressing this nuanced form of plagiarism is crucial for maintaining professional integrity and credibility.

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When Does Married Filing Separately Make Sense?

If your clients are married, at this time of year they’re probably choosing to file their taxes under the status of Married Filing Jointly. But is MFJ the best move? Married folks have other options; one of them is Married Filing Separately (MFS). Despite this status sounding like someone’s dressing for divorce court, it can be useful in certain circumstances – or harmful.

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How to Deal with Huge Tax Debt

The only thing scarier than owing Uncle Sam a lot in taxes is being unable to pay the bill. Luckily, the Internal Revenue Service has ways for you to whittle what you owe. Just make sure which method works for you, depending on such factors as the size of your tax debt and what you can afford to pay and when. Don’t panic. Here’s how individual taxpayers can proceed – and what to watch out for.

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Client Alert

Health Savings Accounts vs Flexible Spending Accounts

With the rising cost of healthcare, our clients are looking to save money where they can, especially if they can save money on their healthcare costs and taxes at the same time. As their trusted advisor, you can offer them a basic understanding of what savings tools are available to your clients. Some of the tools available will come in handy if there is a minor unexpected tax bill this spring. That is why today we’re going to look at the triple tax advantaged health savings account (HSA) and the health flexible spending account (FSA). We’ll look at what they are, who is eligible to open one, and how they can save your clients money each year.

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A ChatGPT Plus User’s Guide to Effortlessly Creating Custom GPT Apps with GPT Builder

In an astonishing breakthrough that’s flipping the tax world on its head, certified tax planners now have the power to craft their very own AI-powered tax genie, thanks to the revolutionary GPT Builder. Gone are the days of sifting through stacks of tax codes and legislation. With a few clicks and a sprinkle of AI magic, these financial wizards are conjuring up custom tax strategies that promise to save fortunes. Dive into the future of tax planning where technology meets savvy to create the ultimate tax-saving ally. This isn’t just a game changer; it’s a wealth transformation phenomenon!

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How Tax Professionals Can Navigate Complex Financial and HR Conversations Using AI: The ChatGPT C.A.R.E. Method

In the intricate world of accounting, tax professionals are often perceived as navigators traversing through the seas of numbers and financial statements. A lesser-discussed aspect of their role is the management of complex and emotionally charged conversations. Tax accountants frequently find themselves at the center of discussions that are not just about figures on a spreadsheet but deeply intertwined with the personal and business well-being of their clients. From addressing audit discrepancies to handling sensitive tax liabilities, these scenarios demand more than just technical know-how; they require a blend of empathy, clear communication, and emotional intelligence.

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The Latest on Proposals for a Wealth Tax

Should the rich pay more taxes? Are they dodging their equitable responsibility? Or do wealth taxes discourage people from the American dream of trying to get rich? Taxes are what the other guy in America should pay and the rich, with headline exemptions like Warren Buffet and Bill Gates , usually join the chorus of taxpayers who say they don’t want to pay more taxes no matter how much they’re worth. Call the concept one of a fair share or just simply unfair, a national wealth tax continues to ignite debate and legislation. What’s the latest?

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Should You File Your Client’s Taxes Early?

Common sense says that filing taxes as early as possible in the year gets an onerous chore off your plate and, chances are, gets your clients’ tax refund into their pockets quicker. Common sense can also be wrong if you need, as most taxpayers do, various tax-reporting forms that can arrive in early spring, if not later. There are also many other reasons you may, or may not want, to file your client’s taxes as early as possible.

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Client Alert

Start Planning Now For Expiring Provisions of the TCJA

Time flies when you’re dealing with taxes. For instance, eight years must have seemed like an epoch when Washington passed the Tax Cuts and Jobs Act of 2017 (TCJA), the biggest federal tax reform in decades and one that altered tax brackets, deductions, and estate planning, to name just a few. Best of all, lawmakers probably thought back then, we won’t have to worry about some of these provisions changing until all the way off in 2026! Except suddenly, we now have less than 26 months to get ready for the end of nearly two dozen TCJA provisions that will happen without action from Congress. That’s barely enough time for some of the planning before what could be one of the biggest groundswell tax years of recent memory.

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