Allan Rolnick's (taxcoach) Blog

 Despite the 2020 malaise, the holiday season is in full swing, and we expect you're on your best behavior to make Santa's nice list. But there's one famous guy who works harder than anyone else to be naughty this time of year, even in 2020 — and that's everyone's favorite Dr. Seuss anti-hero, th...

 "If at first, you don't succeed, try, try again." That was Thomas Edison's motto — and it's a good thing, considering it took him 10,000 tries to perfect the incandescent light bulb. The Jedi Master Yoda might disagree ("Do, or do not. There is no try"). But trying, over and over until you succe...

  As we wrap up the year the last thing most people are thinking about is their taxes. But planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes. In this article, we’ll talk about some steps you must take if you know you’ll be owing taxes to...

 In 1886, a chemist named John Pemberton concocted a sweet, carbonated "brain and nerve tonic" made with coca leaves and cola nuts. Six years later, he sold his recipe for $2,300 to the druggist Asa Candler, who spun it into multinational gold. While the current product has just half the caffeine...

 Here in our United States, our government is sliced and diced between Uncle Sam, 50 states, 3,141 counties, and 89,000-odd cities, towns, and villages. You would think that 244 years of independence, along with a dollop of Yankee ingenuity, would produce a crisp, streamlined system for paying fo...

    Cross-border tax questions present some of the thorniest issues in tax. For example: when an American company like Apple takes components from 43 different countries, assembles them into an iPhone in China, and sells it in London or Paris, who gets the income tax on that profit? The day-to-d...

  A hundred years ago, billionaires were a big big deal. Tycoons like John D. Rockefeller, worth the equivalent of two Jeff Bezoses in today's dollars, were celebrities, the overachieving substitutes for today's merely overexposed Kardashians and Tiger Kings. Today, though, CNBC reports there ar...

 "If you are truly serious about preparing your child for the future, don't teach him to subtract — teach him to deduct." Fran LebowitzHere in the United States, we spend about $1.3 trillion on education, including early childhood programs, K-12th grade, the whole college-industrial complex, and ...

    Falling behind on your debts is never a fun place to be. It’s less fun when a levy is placed on your assets. In this article, we take a look at what an IRS levy is, why it happens, and what you can do about it.Note: If you have any tax trouble or owe more than $10k to the IRS or state but ca...

  The autumn leaves are changing, and “the most wonderful time of the year” is right around the corner… I’m guessing tax season isn’t exactly at the front of your mind. But it should be! (At least in the top five things at the front of your mind.) Because as long as you’re getting paid by someon...