Lee Robinson - EA CFP Tax Practitioner Financial Planner

06/22/2022

06/15/2022

EDUCATION IN RETIREMENT:

The Lifetime Learning Credit worth up to $2,000 a year can be claimed on your tax return. Classes you take even in retirement
at vocational school or community college can count. It is for a
student who is not eligible for the American Opportunity Credit because they’re carrying a limited course load or already have four years of college credit. Maximum expenses are $10,000 which translates into a $2,000 maximum credit. Qualified expenses include tuition and mandatory enrollment fees. Books and other materials can also count.

Lee Robinson Profiles:
linkedin.com/in/leerobinsoncfpearia
facebook.com/huntingtonbeachtaxprepfinancialplanning

Website
leerobinson.org (Huntington Beach Tax Preparer)

Email
[email protected]

06/13/2022

SURPRISING THINGS THAT ARE TAXABLE:

1. Scholarships. That portion covering room & board, travel, other expense is taxable.
2. Gambling Winnings. If you itemize, losses are deductible.
3. Unemployment Benefits.
4. Cancelled Debt.
5. Stolen Property.
6. Buried Treasure.
7. Gifts from Your Employer.
8. Bitcoin. IRS: If value increases and used to purchase, taxed as capital gain.
9. Bartering. Through a barter exchange.
10. Payment for Donated Eggs. Those donated to infertile couples.
11. Nobel Prize. "I will avoid by donating mine to charity before receipt"!

Lee Robinson Profiles:
linkedin.com/in/leerobinsoncfpearia
facebook.com/huntingtonbeachtaxprepfinancialplanning

Website
leerobinson.org (Huntington Beach Tax Preparer)

Email
[email protected]

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06/12/2022

CONTRIBUTIONS TO RETIREMENT FUNDS:

Want to save more for retirement. If you are a sole-proprietor, or single owner of a corporation you can put away much more with a solo 401K than you can with other IRAs or Profit-Sharing arrangements.
For example: If you pay yourself $50,000 from a Sub S corporation, you can contribute $32,000 annually to a Solo 401K. If your profit from a sole proprietorship is $50,000, you can contribute $28,794 annually to a Solo 401K. Much, much more than if you contribute to other types of plans. For example, contribute $6,000 to an IRA if you are less than 50 years old, and this will also decrease your taxes.
Lee Robinson Profiles
linkedin.com/in/leerobinsoncfpearia
facebook.com/huntingtonbeachtaxprepfinancialplanning
Website
leerobinson.org (Huntington Beach Tax Preparer)
Email
[email protected]

I have been self-employed as a tax practitioner, financial planner for more than twenty years. As an Enrolled Agent my experiences include the preparation

06/11/2022

RENTAL PROPERTY – 1031 LIKE KIND EXCHANGE:
If you have rental properties the benefit of a 1031 exchange is the tax deferral. It will allow you to defer capital gains tax, thus freeing more capital for investment in the replacement property. It is beneficial if you have a large gain on a piece of property and want to buy a new property without having to sacrifice cash to pay taxes. It's often one of the best methods for building wealth over time. The exchange must be handled by a Qualified Intermediary and meet all the requirements of the legislation.

Lee Robinson Profiles

linkedin.com/in/leerobinsoncfpearia
facebook.com/huntingtonbeachtaxprepfinancialplanning

Website
leerobinson.org (Huntington Beach Tax Preparer)

Email
[email protected]

I have been self-employed as a tax practitioner, financial planner for more than twenty years. As an Enrolled Agent my experiences include the preparation

06/10/2022

CHARITABLE DEDUCTIONS – WHAT IS DEDUCTIBLE?
Generally, you only can claim a charitable donation if you itemize deductions. Under the CARES Act, you are allowed to deduct $300 and $600 if married couple, EVEN IF YOU DON’T ITEMIZE.

One of most effective strategies is: Donate appreciated non-cash assets held more than one year. You can eliminate the capital gains you would incur if the assets were old first and then donated.

Results: $50,000 stock “sold first then donated” to charity:
Tax savings $3,630
Results: $50,000 stock “donated directly” to Broker charity:
Tax savings $8,370

Lee Robinson Profiles
linkedin.com/in/leerobinsoncfpearia
facebook.com/huntingtonbeachtaxprepfinancialplanning
Website
leerobinson.org (Huntington Beach Tax Preparer)
Email
[email protected]

I have been self-employed as a tax practitioner, financial planner for more than twenty years. As an Enrolled Agent my experiences include the preparation

06/09/2022

MEDICAL EXPENSE DEDUCTION:
Taxpayers can deduct qualified, unreimbursed medical expenses that are more than 7.5% of their adjusted gross income. So, if your adjusted gross income is $80,000, anything ABOVE $6,000 of medical expenses can be deducted.

Lee Robinson Profiles:
linkedin.com/in/leerobinsoncfpearia
facebook.com/huntingtonbeachtaxprepfinancialplanning
Website
leerobinson.org (Huntington Beach Tax Preparer)
Email
[email protected]

I have been self-employed as a tax practitioner, financial planner for more than twenty years. As an Enrolled Agent my experiences include the preparation

06/08/2022

IRS AUDIT FLAG RETIREMENT WITHDRAWALS:

The IRS wants to be sure that owners of traditional
IRAs and participants in 401(k)s and other workplace retirement plans are properly reporting and paying tax on distributions. Special attention is being given to payouts before age 59½, which,
unless an exception applies, are subject to a 10% penalty on top of the regular income tax. An IRS review found that nearly 40% of individuals scrutinized made errors on their income tax returns with respect to retirement payouts, with most of the mistakes coming from taxpayers who didn't qualify for an exception to the 10% additional tax on early distributions. The IRS is looking at this
issue closely.
Lee Robinson Profiles
linkedin.com/in/leerobinsoncfpearia
facebook.com/huntingtonbeachtaxprepfinancialplanning
Website
leerobinson.org (Huntington Beach Tax Preparer)
Email
[email protected]

I have been self-employed as a tax practitioner, financial planner for more than twenty years. As an Enrolled Agent my experiences include the preparation

06/07/2022

YOU WON’T OWE TAXES ON FORGIVEN STUDENT LOANS –
Prior to the American Rescue Plan, signed into law in March 2021, forgiven student loan balances were added to your income for the year and taxed. But now, a new stipulation prevents forgiven post-secondary education loans from being taxed through 2025. The law has not yet been extended beyond that, but it might.

06/06/2022

Situations where someone may not be required to file a tax return,
but MAY STILL BE ELIGIBLE FOR A REFUND:
1. Have federal income tax withheld. These excess withholdings
are only returned when you file a tax return.

2. Make estimated payments. Taxpayers making estimated
Payments or having money withheld from retirement
Fund and Social Security disbursements may also be
Eligible for a refund.

3. Qualified to claim and receive refundable tax credits.
Examples of these the Earned Income Credit and Child
Tax Credit. These are often overlooked credits.

06/03/2022

Possible return to deducting State and Local Taxes

The $1.85 trillion Build Back Better Act whose text includes an $80,000 cap – up from $10,000 – for state and local deductions. There are a lingering range of disputes that have flummoxed the party for months. No vote was taken in 2021 as a result. What do you think?