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Sandy Botkin

Set Up a Solo 401(k)

What is a Solo 401K, you ask? Good question. Most people never heard of this. This allows you to put away more money than a typical SEP or other defined contribution plan. Here is the “skinny” on a solo 401K With a normal defined contribution plan, you can put the lesser of 25% of your...Read More

Here Comes the IRS

The IRS has announced, in a Fact Sheet, that it will begin visiting taxpayers who have ongoing tax compliance issues. The IRS will focus its efforts in areas where there have been a limited number of revenue officers available due to declining IRS resources. According to the Fact Sheet, the IRS’s primary goal for these...Read More
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Audit Red Flags, Part 2

You just got a notice from IRS or state taxing authority inviting you for a “chat.” What do you do? Scream like a banshee or, Take an extended vacation to Europe or, Read the rest of this post. Hopefully, you picked choice (3). 1Don’t handle the audit yourself!! Consider hiring a professional such as a...Read More
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Audit Red Flags

Since we are coming to the end of the year soon, filing tax returns will be on everyone’s mind. Will the audit rate is low for any one year, the chances of being audited in a twenty year period, especially if you have a business, is about one in three. Yes, it can be that...Read More
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Your Guide to Open Enrollment

Open Enrollment for 2020 runs Friday, November 1 to Sunday, December 15, 2019. Coverage starts January 1, 2020. Open enrollment is upon us. I am not talking about college admission either unless you got away paying $500,000 as a “contribution.” Only kidding. If you are eligible for Medicare and for most health insurance on the...Read More
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News You Can Use: October 2019

1Submitting foreign documents in court to substantiate a tax break must be in English or must be translated. A Canadian couple who lived in the U.S. and who sold a home in Montreal, had documents showing their cost basis, which is used to computer gain or loss. However, these documents were in French. The Tax...Read More