Here's the latest news about my professional endeavors:
So far in 2015, I have helped prepare over 500 income tax returns, and this tax season—with its extensions—isn't even over yet. I'm focused on those more difficult tax returns, e.g., divorce, bankruptcy, canceled debt, tough K-1s, incorrect reporting forms, NOLs and amended returns. There are so many legal issues involved that I don't understand how non-lawyers are even allowed to prepare such returns. Perhaps that why I have to fix so many costly mistakes made elsewhere!
On September 12, 2015, I re-launched the website, 1040advisor.com, to focus on required quarterly payment of estimated income taxes. My law firm now offers a cost-effective service for the preparation of quarterly vouchers for federal and state income taxes, based on last year's tax return with adjustments to the current year (the professional way to calculate same). Avoid the IRS's underpayment of income tax penalty. Budget yourself. A must for those who are self-employed or receiving alimony.
On September 6, 2015, I launched this website about the importance of credit scores and dealing head-on with "bad debts." Save money by cleaning up your credit history before you borrow money. A must for divorcees refinancing a home. Your score also affects your insurance ratings, employment opportunities and rental agreements.
On February 10, 2015, I presented a two hour seminar to the Cincinnati Academy of Collaborative Professionals (CACP) about the Affordable Care Act (Obamacare), which focused on how this creates new issues for divorce collaboration, as well as affects the business of being a divorce professional.
On January 27, 2015, I spoke for an hour at the Cincinnati Bar Association's Committee of Solo and Small Firm Practitioners' lunch-and-learn. I discussed about how the Affordable Care Act impacts upon the preparation of 2014 individual federal income tax returns. I also discussed the Ohio Small Business Investor Income Deduction, and how that affects the law practice in Ohio.
In September, 2014, I've become a Certified Divorce Financial Analyst®. This credential requires passing four separate certification tests, which I completed in just under three months. I got a perfect score on the first test (100/100), and missed only a handful of lame questions overall!
As a CDFA™, I analyze the financial prospects of couples seeking divorce, and make recommendations about apportioning their assets and liabilities in a fair and tax-efficient manner. Divorce attorneys and other professionals regularly refer to me their clients with federal income tax issues, including failure to file, failure to pay, estimated taxes on alimony, and tax return preparation to reflect the terms of divorce decrees and separation agreements.
I launched the website, OhioTaxAdvisor.com, on May 21, 2014. This specifically deals with the issue of married couples electing the status of "married filing separately" to save on combined federal and state income taxes (due to a quirk in the Ohio income tax table). The website also highlights the substantial tax savings with the Ohio Small Business Investor Income Deduction.
From 2009 to date, I have saved my clients more than $1,250,000.00* in unnecessary income taxes by using statutory exclusions and other provisions of the tax code to offset the tax on cancellation of debt income. *(>$5,000,000 excluded or offset income @ 25% marginal tax rate.) This doesn't mean that I can solve every tax dilemma, but at least I think I correctly understand how to handle these complicated COD income tax problems.
Knock on wood, to date, none of my clients has been audited for my work on COD income tax issues, or any other tax preparation issue for which I have been engaged!
I am in the process of a comprehensive update to my website dealing with all aspects of the federal taxation and exclusion of cancellation of debt income, 1099advisor.com. That website was launched in 2008, and since then, has had more than 1,000,000 clicks.
Email me your questions or comments to firstname.lastname@example.org. Or, call me at (513) 739-7899. I'll keep our discussion confidential.
There is never any obligation to engage my services. Referrals are the lifeblood of my practice, and are always welcomed. Thanks!
Illegitimi non carborundum,
David N. Stonehill, Attorney-at-Law
Tax Advisor and Certified Divorce Financial Analyst®
David N. Stonehill Co., LPA
Revised: September 6, 2015