Tim Steffen - Robert W. Baird & Co.


Last quote by Tim Steffen

This combination of raising the standard deduction and eliminating itemized deductions will make tax preparation easier, but I'm not sure it will be a savings for higher income people.feedback
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Nov 04 2017
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Tim Steffen is associated, including Social Security and Blue Book. Most recently, Tim Steffen has been quoted saying: “The first thing I would suggest is to pull as much information as possible from this year and take a look to see where you're at.” in the article Tax moves to make regardless of what happens in Washington.
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Tim Steffen quotes

Mar 03 2017

If you thought you'd qualify for a Roth contribution and you didn't, you probably won't qualify for a traditional deductible IRA contribution.feedback

Mar 03 2017

You thought your income would be low enough that you'd qualify for the Roth contribution and now you have to undo it. This is when the skeletons come out of the closet. Recharacterization is the last resort if your filing deadline has come and gone, and you've made an excess contribution. You can avoid the penalty, but the money has to go to a different IRA.feedback

Feb 15 2017

A large refund from the IRS may seem like an advantage, but it isn't the best or most effective use of your cash flow. You're basically giving the IRS an interest-free loan. Work with a CPA to do a projection and figure out what your tax liability will be at the end of the year. In a perfect scenario, you'll have a balance due when you file your return, but not one that's large enough to create a penalty.feedback

Feb 03 2017 - Social security

If you're paying someone to provide you with services, they have to report it as taxable income. If you don't pay Social Security and Medicare taxes for your employees, you're subject to penalties and fines. It can be considered a felony if you don't pay and this can lead to prison time if it's egregious.feedback

Oct 21 2016

People were taking the Blue Book equivalent for a beater of a car that they couldn't even push out of the garage.feedback

Oct 21 2016

You need a letter that says what you gave, what it was worth and when you gave it.feedback

Sep 02 2016

One thing we've always told people to avoid being subject to tax fraud is to file as early as you can. With the refund delayed, that's even more reason to get it in a little sooner.feedback

Aug 03 2016

If you invest in municipal bonds, you may get a lower rate of return than you would on corporates. If you are in a low tax bracket, you may still have higher returns from corporates on an after-tax basis.feedback

Aug 03 2016 - Social security

What it tells me is that maybe they have a nice pension and Social Security benefits, so they may never need to use this money. Required withdrawals get bigger as [time] goes on, so it's probably income that they are less likely to need.feedback

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