Search
  • AustinTaxCPAs

The Laws of Tax Planning

Stolen from the Great Peter J Reilly, CPA


1) It Is What It Is. Deal With It.

The tax code is illogical.


gif


2) Sometimes It's Better To Just Pay The Tax

If you are sick of being a landlord, then don't do a 1031 exchange to defer your tax bill. Pay the tax and move on.


gif

3) Any Clever Idea That Pops Into Your Head Probably Has a Corresponding Rule That Makes It Not Work.


gif

4) Execution Isn't Everything But It's A Lot.


gif

5) A Tax Plan That Ignores AMT or SALT Is Not Much of A Tax Plan

Alternative Minimum Tax (AMT) lost most of its bite of the 2018 Tax Cuts and Jobs Act, but is set to kick back in 2025. State taxes also carry some bite.


gif


6) Don't Do the Math in Your Head



gif

7) Read the IRS Instructions


gif

8) Both Before and After Thinking Outside The Box Take a Good Look Inside The Box


gif


9) Tell the Preparer What The Plan Is


gif


10) Pigs Get Fat, Hogs Get Slaughtered


gif


12) When An Idea Makes You Think of a Seinfeld Episode, It Is Not Going to End Well

gif


13) Being Right Without Substantiation Can Be As Bad As Being Wrong

gif


14) Don't Be Last Minute Louie

gif


Recent Posts

See All

What is it? Filing an extension moves the due date of your return from April 15 to October 15. Extensions are automatically granted by IRS; you do not need a compelling reason to file an extension. Do