Articles written by Robert Flach

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About me - Robert Flach

I am a professional tax consultant with 35 years experience preparing individual and business tax returns for people in all walks of life, from professional football players and actors to doctors and architects to secretaries and clerks.

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Personal Finance > Taxes Beware of the tax professionals: 1 of 10
Do you remember the episode of the ODD COUPLE television series where Felix explains to Oscar what happens when you assume (you make an ass out of u and me)?Making false assumptions when choosing a tax preparer can be costly.1) Don't assume that because a person has the initials "CPA" after his name he is an expert when it co... More..
Entertainment > TV Genres & Trends Reality TV: Why I hate it: 7 of 31
I wish someone would explain to me why the great unwashed masses are so fascinated with watching people with limited intelligence and no self-respect behave badly in airports, in the jungle or on a deserted island, in courtrooms, on the runway or at a photo shoot, in a boardroom sucking up to an over-exposed and self-absorbed... More..
Personal Finance > Taxes Taxes and you: Individual taxes explained: 1 of 4
TAXATION OF MUTUAL FUNDSMutual funds make three types of distributions - ordinary dividends and capital gain distributions, which are paid out of the income of the fund, and, on occasion, a "return of capital", which is paid out of "principal".Ordinary dividends and short-term capital gain distributions are generally taxed as... More..
Personal Finance > Taxes How to get the most out of a flexible spending account: 2 of 6
For many employers the fall is time for "open enrollment" for various employee benefits, including dependent care and health care "flexible spending accounts" (FSA). If your employer offers an FSA you should consider participating you can realize substantial tax savings from such a plan.Participants in an employer-sponsored d... More..
Personal Finance > Taxes Guide to year-end tax planning: 1 of 3
While the average taxpayer will avoid thinking about income taxes until the approach of the April 15th deadline forces him to do so, once the ball drops on One Times Square at midnight on December 31st and the New Year is rung in, there is very little that can be done to cut your tax bill.However, during the last two months o... More..
Personal Finance > Taxes The lighter side of income taxes: 6 of 12
THOSE WACKY CLIENTS!H.L. Mencken so accurately observed, "Nobody ever went broke underestimating the taste of the American public."Similarly, as a tax professional I have learned to never overestimate the intelligence of the average taxpayer. A seemingly intelligent client will often surprise me with the oddest "bass-ackwards... More..
Personal Finance > Taxes Understanding why the most important number on your tax return is your adjusted gross income: 1 of 1
Most taxpayers concentrate on ways to reduce their "taxable income". However, it is your "Adjusted Gross Income", or AGI, that is the most important number on your tax return.Many tax credits and deductions are phased-out, or altogether eliminated, based on your AGI, or in some cases a "Modified" AGI (no gift from this MAGI),... More..
Personal Finance > Taxes How to tweak your tax withholding: 1 of 1
Here is a year-end strategy to avoid incurring a penalty for "underpayment of estimated tax".First some background:In order to avoid the penalty for underpayment of estimated tax you must have either 90% of your final 2007 tax liability or 100% of your 2006 tax liability (110% if your 2006 AGI was over $150,000) paid in durin... More..
Personal Finance > Taxes Tax preparation - the truth behind tax season ads: 2 of 2
#1 Ad - TAX-SOFTWARE:The tax-software ads no longer says that anyone, even a caveman no, wait, that is a different commercial - even a "math impaired" or an "unorganized" individual can prepare his or her own income tax return by simply using their software package. Instead it says that if you buy their software you do not ne... More..
Personal Finance > Taxes Overlooked tax deductions: Some personal expenses: 2 of 2
Don't forget to deduct these items on your 2007 Schedule A:1. Travel to and from doctors, dentists, hospitals, clinics, therapists, etc. to receive medical care, and round-trip travel to visit a sick spouse or dependent if the visits are recommended by a doctor as part of the patient's treatment. If you take a taxi, bus, trai... More..