Welcome to the Tax Blog

News, information, and opinions about:

  • Federal, State, and Virginia Beach Taxes
  • The Tax Preparation Business
  • Tax Planning

If you have a question or comment, please drop me a line. Paul @ PIM Tax.

Virginia beach tax preparation form1095

27 January 2016

Form 1095 has started to show up in people's mailboxes and judging from the questions I am fielding (and the colorful choice of words unexpected tax documents inspire) some people are confused about what the form means and what they should do with it. Somehow the confusion and trepidation I am observing reminded me of Boromir from Lord of the Rings. But then again, I am a huge nerd. Back to the taxes...

The short answer from me is to hang onto that form 1095 (A/B/C) because you might need it to prove to the IRS you don't owe a penalty tax! You probably don't need it to file your taxes (although some people will), but it might just save you a heap of trouble one day if the IRS comes knocking.

Now I'm going to try to explain this beast in single blog post. No small feat given the complexity. 

The 1095 series (A/B/C) are new tax forms this year. (Actually, the 1095-A debuted last year.) The 1095 series is related to the Affordable Care Act (ACA) (you know...that government policy people either love or hate... sometimes known as "ObamaCare").

It's a little misleading that the 1095 gets sent to you, because it's not really for YOU. It's for the IRS. As you are (hopefully) aware, the ACA requires all Americans to have health care insurance or pay a penalty tax. The form 1095 is sent by employers or insurers to the IRS, and tells the IRS who had health care insurance in 2015. The copy sent to you is mostly for information purposes, although those with a 1095-A will probably need it to prepare their tax return.

The flavor of 1095 you receive (A, B, or C) depends on how you acquired your health care insurance.

1095-A: If you received your health care insurance via the online marketplace/exchange, then you get a 1095-A. If you are eligible for the Premium Tax Credit, then you will need your 1095-A in order to correctly calculate your taxes. (In reality, it would be possible to get health care insurance through the exchange and calculate your taxes without the 1095-A, but if you can do that you should be writing a tax blog, not reading one!) The Premium Tax Credit is government assistance to purchase health care insurance. Eligibility for the Premium Tax Credit is based on income and family size. I could write paragraphs on this topic, but I won't because the immediate issue isn't the 1095-A. That came out last year. This year the new and concerning issue is the 1095-Bs and Cs.

1095-B: You get a 1095-B if you get your health care insurance through the government or directly from an insurance company (meaning you bought a policy directly from an insurer without going through your employer or the exchange). Military personnel and their families covered by TriCare should receive a form 1095-B. Veteran's receiving their health care insurance through the Veteran's Administration should also receive a form 1095-B.

1095-C: If you work for an employer with 50 or more full-time employees, the employer is now required to provide an affordable health care insurance plan to their employees or pay a penalty tax. There have been lots of news stories of late about what constitutes an employer with 50 employees, and what constitutes full-time employment. I could also write paragraphs about that, but lets assume you work for one of the majority of Applicable Large Employers who will simply comply with the law. You will receive a form 1095-C.

Taxpayers receiving a form 1095-A should receive their forms by 1 FEB.

Those of us receiving a form 1095-B or C might not get it until 31 March. This is the first year employers have to provide this form, so the government gave them an extension this year to get the forms out to employees. Many people are getting them now (my 1095-Bs from the VA and DoD are already received), but employers have the extension this year so they will probably continue to trickle out for most of tax season. In the future employers have until 1 FEB to send the forms to taxpayers (and the IRS).

You don't need to wait until you have your 1095-B or C to file your tax return. You might want to, but you don't need to. The only reason I can think to wait for your 1095-B or C is because you can't remember which months you had insurance due to non-continuous employment or coverage. In that case you may want to wait to make sure your tax return information matches the information provided to the IRS on form 1095-B or C. You really want that to match. The IRS will likely have questions for you if it doesn't.

Remember - the purpose of this form is to have employers and insurers tell the government who had (or was at least offered) health care insurance in 2015. The government is essentially using employers and insurers to help them police individual compliance with the mandate to have health care insurance. Any month that you or your dependents were not insured generates a tax penalty. Last year you could just say you had health care insurance. This year you have to prove it.

You do not send a copy of the form 1095 as part of your income tax return. However, I would verify the form 1095-B/C you received is correct, and keep a copy for 7 years. You want to have your documentation in order if the IRS comes knocking. The ACA penalty tax is large and growing. You want to be able to prove you don't owe it, and that 1095-B/C stating you had coverage all year is your ticket to  prove you were covered. Keep track of it.

There are still ways to get exempted from the requirement to have health care insurance. If you think you might qualify for an exemption or you have additional questions, please contact me.

06 January 2016

virginia state flagThe states with income taxes (currently 44 of them) do not have uniform rules for their treatment of military personnel. They are all different to one degree or another. Many service members find the state treatment of taxes confusing. You shouldn't find it alarming if you do. I study taxes and I find it difficult to understand some of the different rules. They use words like resident, non-resident, and domicile, and they sometimes don't mean the same thing from one state's laws to the next.

When it comes to state taxes, I deal most frequently with Virginia. Fortunately, I find the Virginia instructions easier to understand than most of the other states. Virginia taxes income somewhat aggressively (fewer deductions), but at least you don't need a law degree to understand the instructions on their website.

The biggest concern military families face when living in Virginia are the residency laws. I'll try to explain Virginia's residency treatment of military personnel as succinctly as possible.

Residency: In Virginia you are classified as either a resident or a non-resident. Residents pay taxes. You can live here and not be a resident. If you are in the military it depends on your official "Home of Record". Usually this is the state you were living in when you joined, unless you changed it at some point. When I first joined my home of record was my home state - Ohio. When I was stationed in Florida I changed my home of record to Florida (one of the states with no income tax). Then I moved to Virginia, but I remained a Florida resident until I retired from active duty. The Soldiers and Sailors Civil Relief Act prevents the states from automatically making military personnel residents and taxing them.

Military spouses are a little trickier. When we first moved here in 2001 my wife was considered a Virginia resident as soon as she was employed. Although we were married in Florida and she was a Florida resident when we moved, she was not covered by the Soldiers and Sailors Civil Relief Act.

Things have changed since Tade and I moved here. In 2009 Congress passed the Military Spouses Residency Relief Act. Under those rules Tade would have remained a Florida resident. Under Virginia law, as long as the spouse has the same legal state of residence as the service member, they are considered non-residents and do not pay Virginia state income taxes.

Note that caveat - must have the same state of residence as the military member. If I kept Ohio as my Home of Record, married Tade in Florida and moved her to Virginia, she would not be protected by the Military Spouses Residency Relief Act. Since she was not an Ohio resident she would become a tax-paying Virginian. 

It is typically more advantageous for married persons to use the married filing jointly (MFJ) filing status on their federal tax return. When one spouse must pay income taxes in Virginia and the other does not the most advantageous way to file the Virginia return is to use the married filing separately (MFS) filing status. AS I have previously written, most tax software does not like it much when you file your federal and state returns using different filing statuses. Many people run into problems with that scenario - and, frankly, it isn't even terribly complex.

Consider this couple. A sailor from Florida gets stationed in Illinois. While there he marries an Illinois resident. Then they PCS to Virginia. She owns a house in Illinois, which she rents out while they are living in Virginia. She gets a job in Virginia. Because she does not have the same state of residence as her husband Virginia considers her a Virginia resident, and Virginia state income taxes are withheld from her pay.

Husband owes no state income taxes, but wife owes state taxes in both Virginia and Illinois (for the rental income). They file their federal taxes MFJ. She files a Virginia return MFS. Illinois law also allows MFS filing for spouses that file MFJ federally (http://www.revenue.state.il.us/Publications/Pubs/Pub-102.pdf).

That was one of those returns that takes quite a while to prepare because of the intricacies of the state tax laws and the inflexibility of the software. If you have a return like that, bring it to me, we'll figure it out.

navy family2

13 January 2016

Last week I discussed the Military Spouse Residency Relief Act and how Virginia applies it. Virginia has some additional tax laws specific to military personnel, and I thought this would be a good time to run through those.

1. If you are military, but not a resident of Virginia, you do not have to  pay income tax on your military pay or on interest earned from deposits in Virginia banks. However, if you have income attributable to Virginia sources  - like an extra part-time job or income from a rental property - this is taxable in Virginia.

Virginia is not unique in this regard. Most states will tax the non-military income of military members. One Navy Petty Officer I know had inherited an IRA during the year. She cashed out the entire amount, which was just about equal to what the Navy was paying her for the year. Her home state, Missouri, didn't tax her military pay, but they wanted a piece of that IRA distribution. She wasn't very happy when she found that out, which is why I always encourage people to contact a tax professional whenever something unusual is happening with their finances. It could save you a bundle.

2. Virginia provides a deduction for military basic pay for Virginia residents. Military  personnel who are Virginia residents can exempt up to $15,000 of their basic pay from Virginia income taxes. However, this benefit starts to phase out, dollar-for-dollar at $15,000 of basic pay. If your basic pay is $20,000 you  can deduct $10,000 from your Virginia taxes. {$15,000 - ($20,000 - $15,000)}  = $10,000. The benefit completely disappears at $30,000, so it is only useful to junior personnel. (If you're a supervisor, make sure your junior personnel are aware of that provision. Most tax software has to be prompted to use that credit.)

3. The wages of O-3 and below serving in the Virginia National Guard are exempt from Virginia income taxes (up to $3,000).

4. If you are stationed outside the US when your Virginia return is due (1  May), then you are automatically granted an extension until 1 July.

5. Remember - if one spouse is a Virginia resident and the other is not,  then the resident of Virginia should file their Virginia return as "Married  Filing Separately" even if their Federal tax return was file "Married Filing Jointly".  This is for Virginia residents, only. Not all states handle the situation of spouses being from different states the same way. If you are doing your own taxes you will need to research the states where you file.

If you would like some assistance with your taxes, please contact me or schedule an appointment!.


16 December 2015

time fliesWhere did 2015 go? It flew by. The older I get the faster the years seem to go. they tell me most people experience that phenomenon, and that makes sense. When you're 10 years old 1 year is 10% of your entire life. That makes a year a significant span of time. When you're 50 years old 1 year is 2% of your life. A much less significant span of time.

I retired from the US Navy 5 years ago. Hard to believe it's been 5 years, but it has. I was in the Navy for 23 years, 8 months and 18 days (but who's counting?) and it seems like just yesterday. But as of 30 November I have officially been a civilian for 5 years.

I was thinking about my transition to civilian life recently. There were a few bumps. Figuring out Tricare and Delta Dental were two of those bumps. Then there was the Survivor Benefit Plan (SBP). In addition there was also a bump related to figuring out my taxes. You'd think a tax nerd would have an easy time with his own tax situation, but I made a few mistakes. I thought I'd share those with you. Maybe some future retirees will have a smoother transition than I had if they read this.

My lovely wife, Tade, and I decided to remain in Virginia after I retired from the Navy. She had a good job. We still had one child in high school and one in college in Virginia. We like it here. It was a good fit for us. I focused my civilian job search on Virginia, and I was fortunate to find a great job right here in Virginia Beach.

One consequence of remaining in Virginia, however, is that I immediately became a Virginia resident and subject to Virginia income taxes. I could no longer hide behind the (rather flimsy) veil of being a Florida resident transported to Virginia against my will by the Navy. (Never mind that I owned a house here, voted here, had 4 cars registered here, and sent my kids to school here.) I was a Florida resident for as long as I was on active duty. (Florida has no state income tax if you didn't know, so it was to my personal advantage to maintain my residency in that state for as long as I could.) That good deal came to a screeching halt on 01 December of the year I became a civilian. I was fully exposed to Virginia taxation. So was my pension.

A few states do not tax military pensions, but Virginia isn't one of them. Just like the federal government, Virginia will tax it like it is income. They will also withhold taxes from your pension just like they would withhold taxes from your active duty pay. The problem is they tend to under withhold - by a lot! So much, in fact I had to pay a penalty for under withholding to both Washington and Richmond my first full year out of the service.

The reason this under withholding tends to happen is that the DoD doesn't know you have other income in addition to your pension. They treat it like it is your only income. Let's say your pension is $30,000 per year. The DoD looks at that and says, this person will be in the 10% tax bracket, and they'll withhold taxes as though you are in the 10% tax bracket. They don't know you and your wife are also making a combined $150,000 at your jobs, and your top marginal rate will be 25% (or maybe 28%). They should be withholding a lot more. When you file your tax return you'll discover not nearly enough tax was being withheld from your pension and you're going to have to stroke a check to both the United States and the Great State of Virginia.

That stings a bit.

You can avoid that sting by setting up your tax withholding in MyPay to match what you will actually owe in taxes. You can do this by lowering the claimed exemptions on your form W-4, but that still might not be enough. I found it easier to just give them a straight dollar amount to withhold every month. I estimated our tax bill, subtracted what was already being withheld by our employers, and then told MyPay to withhold the rest from my pension. Now I don't have to worry about under withholding and the associated penalties that can lead to.

If you want some help estimating your taxes so you can set an appropriate withholding amount , please contact me

30 December 2015

virginia beach tax preparation new years resolutionIt is Resolution Season, that magical time when we pick something we want to accomplish in the coming year and take a solemn vow to make it happen. Solemn being in the eye of the beholder, of course. Most of our pasts are littered with abandoned resolutions.

Tade has actually been keeping a record of our New Year's resolutions for the past couple of decades. She has a small book for just that purpose. She breaks it out somewhere between December 27 and January 2 and we review resolutions from previous years. Then we make this year's resolutions and she dutifully records them for posterity.

Like many Americans, most of my previous resolutions have had something to do with becoming healthier and taking better care of myself. Sometimes my resolutions are general - I will exercise more. Sometimes they are specific - I will go to the gym 3 times per week this year. Usually they are abandoned by February, which is why I must make the same resolutions over and over again.

Looking back, the years where I did best at sticking to my physical fitness resolutions were the years I had someone to workout with. Someone who knew, or even shared, my fitness goals. Someone who knew things about fitness I did not know, and we could discuss techniques. Someone who would note even small amounts of my progress. Someone who would know when I wasn't sticking to my plan. Someone keeping me motivated and accountable.

There's just something about having a partner that makes doing the hard things easier. Many people resolve themselves (at this time of year) to get their personal finances in order. Just like most other resolutions it gets abandoned by February.

Change is hard. Perhaps if people had a partner helping them with their personal finance goals they would be more likely to stick to them. Someone to discuss strategies and techniques. Someone to note small amounts of progress. Someone to provide accountability.

One of my favorite things to do is to help other people reach their financial goals. If you would like to start to work towards yours this year, you should contact me. I will be your partner.

23 December 2015

virginia beach tax prep givingIt is the Giving Season. That time of year when we open our hearts and our wallets to our families, friends, and communities. A situation brought on by both the holidays and the realization that the tax year is nearly over and we are running out of time to make a tax deductible charitable contribution.

That may sound like I am being cynical, but I am not. There are some very good reasons to wait until this time of year to donate to charity:

  1. I know what the Christmas bills came to and I can balance my books. While I have a ballpark figure of how much I am going to donate in a given year I like to make sure Tade and I didn't overdo it at Christmas before I commit the money. I like the security of knowing the check is going to clear before I send it.
  2. I have a clearer picture of our overall tax situation at the end of the year. With children in college there is some question about who is going on my return and who is filing their own return. Also, as a small business owner my revenue for the year can be a mystery until the very end.I prefer having clarity on my taxsituation before I donate.
  3. Lots of businesses do matching donations this time of year. Always nice to get my favorite charities some extra money by making a donation at a time when someone else will double it.

If you are giving at this time of the year, and I hope you are, make sure you are keeping track of those receipts and thank you letters. Here are the IRS recordkeeping requirements:

  • If you gave a gift of $250 or more you need a letter from the charity stating the amount donated and the value of any benefits you received as a result of your gift. (For example, if you paid $300 to attend a charity dinner you must decrease the amount of your deduction by the value of the meal you received.)
  • Receipts or other written records of the donation (credit card statement, cancelled check) showing the amount donated, the date, and the name of the charity.
  • If you give property in lieu of cash you can deduct the fair market value at the time of the donation. If the property is valued at over $500 you may need to obtain an independent appraisal of the property.

You are not required to include these receipts and other records with your tax return, but you are required to produce them for review if the IRS audits your income tax return.

Donating Appreciated Property

It is often advantageous for taxpayers to donate appreciated property instead of cash. Imagine for a minute that you have some ABC stock worth $2,000. You originally paid $1,000 for the ABC stock, but it has appreciated and is now worth $2,000. You would like to make a $2,000 contribution to your favorite charity. You can donate the stock or you could just give them cash. If you donate the cash you can deduct the $2,000 from your taxes. If you donate the ABC stock you can also deduct the fair market value of the stock - $2,000. However, by donating the stock you also avoid paying the capital gains taxes on the $1,000 of capital gain on the stock when you sell it. For most people the capital gains rate (long term) is 15%. Donating the stock instead of cash saved you an extra $150 in taxes.

It's a great time of year for charitable giving. If you want some assistance figuring out the best way for you to be more effective with your charitable donations, please contact me.

09 December 2015

If you want to make yourself crazy this tax season, call around to different tax preparation places and try to get a straight answer over the phone about how much they will charge to prepare your taxes. It's pretty rare to get one. The most common answer is "we charge by the form, so it really depends on which forms you need to file your taxes." I know this because I gave that answer quite often when I was working for one of the large tax preparation firms.

I wanted to give a straight answer, but I couldn't. The truth is that I didn't know how much the company was going to charge. The rates were set by the corporate office in another state, and I didn't know what they were. Sometimes I would use my experience with other clients to provide an estimated range to the person calling. "I think your tax preparation fees are going to be between $200 and $250." I had to give up trying to do that, though, after I had guessed low a few times. The customer would rightfully be irritated when I told him on the phone I thought it would be $250 and it turned out to be $400. It was easier to deal with a customer's frustration of not getting a straight answer than it was to deal with a customer who felt like I lied to them on the phone.

One thing that made estimating the fee for tax preparation difficult was the game most tax preparation firms play with their fees. The fees being charged change throughout the tax season. At higher volume times the price goes up. At lower volume times the price goes down. I suppose that's just supply and demand, but try to tell that to a single mom who had to schedule her tax preparation appointment around everything else going on in her life. She doesn't always have time to consider the timing of her tax appointment to coincide with the best pricing opportunities. She needs to get in and get it done before the sitter goes on overtime.

Below is a graphic I made showing how the tax fees at most tax preparation firms tend to change throughout the tax season. I also added my impression of the corporate attitude at the peaks and valleys. You can use it to help you plan your tax appointment with the large tax preparation firms.

tax preparation virginia beach fee games2

Or you can just come see me. I don't play that game. My prices are fixed at the start of tax season and remain constant throughout. You won't have to guess how much I'll charge, either. I post my prices on this website. If you know which forms you'll need you can figure out your tax prep fees before you ever decide to call.

If you don't know which forms you'll need, call me. I'd be happy to discuss it with you.

02 December 2015

Virginia Beach Tax Preparation Cyber MondayIt's that time of year when the retail companies of the world ban together to create shopping events. Black Friday - the oldest and most widely know of them - has been around for several decades. Small Business Saturday and Cyber Monday are relative newcomers to the scene. All three share a common purpose - they are all events designed to encourage you to get your Christmas/Holiday Season shopping up and running. In their opinions, it's time for you to go buy some stuff!

I'm a consumer (of course) and we celebrate Christmas with gift-giving in our home, but I am not a participant in these massive consumer events. Not my cup of tea. The crowds and the frantic atmosphere wear on my nerves very quickly. I am usually at home or work on those days. I am not opposed to shopping around for a bargain, I just don't want to feel like I am competing with others to do it.

It's impossible to ignore these major retail events completely, though. My Thanksgiving Day football games this year were sponsored by Target and Wal-Mart - and their amazing deals! Every commercial break that day was loaded with the suggestion that I was really going to be missing out if I didn't get out and buy some stuff within the next 24 hours.

It got me thinking - how valuable are these sales? How much are people really saving, and is it worth it? Is the advertising 100% hype or is there at least some truth to the matter?

In order to formulate a reasonable assessment I had to do about 15 minutes of research on the interwebs. Here is what I found: Experts recommend spending between 1% and 1.5% of your annual household income on Christmas. Every family and their traditions are different, of course, but let's use those percentages as an acceptable range.

A household with a total income of $80,000 should spend somewhere between $800 - $1,200 on Christmas. If you're able to save 50% of that amount by using the super shopping events right after Thanksgiving you would save between $400 to $600 dollars. That's not bad. That's significant money in a household with a total income of $80,000.

Given my line of work, though, something else was immediately apparent to me. $600 is also likely to be chump change compared to what that household could save if they engaged in tax planning. In my experience many households leave significantly more than $600 on the table in unused tax credits and deductions every year. Money they could have kept for themselves, but they gave to Uncle Sam instead.

Additionally, tax savings can have a lasting impact beyond the current year. Saving on Christmas gift purchases is a onetime deal. With tax planning the benefits can be realized both now and again in the future. A tax benefit taken this year can continue to be a tax benefit for years into the future. Some tax benefits you take this year could even benefit your children or grandchildren decades from now - even after you're gone. (And you don't have to camp outside the store overnight to get those tax breaks, either!)

Our TVs, radios, and internet-connected devices will constantly be reminding us for the next few weeks of super sales where we can save a few dollars on our holiday shopping. You won't see or hear very much about how to arrange for a lifetime of savings through proper tax planning, though. It's a shame, really, because it can truly be a gift you give your family that keeps on giving.

If you want to find out more about tax planning please contact me.

11 November 2015

military couple virginia beach tax preparation2By themselves state tax returns are usually not complicated. Most state forms are similar to the federal forms and many states also have helpful websites to answer your questions. Despite this, most of the problems I see (and experience) are related to the state tax return forms.

Tax software is designed to have you fill in the federal tax forms and then your state return should automatically fill from the information on your federal tax return. Most of the time that works just fine. But not always. If your federal and state tax returns are not being filed the same way - if the federal and state returns are different for some reason - the software can't always handle it. Mismatched state and federal tax returns are a common occurrence here in Virginia Beach due to the large population of military personnel in the region.

A situation I see quite often is a military person moves to Virginia from another state and gets married. The service member uses another state (let's say Florida) as his home of record, but his spouse is a Virginia resident. They file their federal return jointly. His income is not taxable in Virginia and he is not required to file a Virginia return. The spouse's income is taxable in Virginia and she must file a Virginia return. Virginia's solution to this situation is to have the spouse file her tax return as married filing separately.

While this is the correct (and most advantageous) way to file, most tax software puts up a fight when you try to change the filing status on your state return to something different than your federal return. When that happens you (or your tax preparer) can end up sitting there for quite a while trying to figure out how to get the tax software to produce the answer you know is right!

I have had several clients in past years who wanted me to file just their state return. They have filed their federal return, but they can't get their software to give them the right results for their state return. They give up fighting with their software and bring their problem to me so that I can fight with my software. (That's not a problem, by the way, I don't mind doing that. My software provider actually likes me because I keep providing them useful feedback on how to make their product better.)

Enough about the software, though, let's look at that situation again. My two-state couple files their federal return jointly, but only she has to file a Virginia return, and she is going to file it as married filing separately. I see some room in that situation for a little tax savings for couples who itemize their deductions. As a Florida resident he isn't going to file a state tax return. He doesn't need any deductions (or exemptions) in his name. That means we can overweight the deductions and exemptions in her name so she gets credit for them on her Virginia state income tax return. The software won't do this automatically, but we can manually override it for some additional tax savings.

I wouldn't recommend going overboard with this tactic and piling every single deduction from the federal return on her state return. The fine folks in Richmond are not going to believe that he made $50,000, she made $30,000, yet she can claim all $20,000 worth of deductions. (Virginia audits returns and requires proof just like the IRS does.) But if she has made some charitable contributions during the year, perhaps they can all go on her return. If a couple maintains separate bank accounts and she is paying the mortgage from hers, I think you can substantiate her claim on the mortgage interest deduction for her state return. If there are dependents, you should definitely put them on her return in this situation - unless it is completely unjustifiable for some reason.

Sometimes a military couple will need to file separately in two different states. In that case we would want to overweight the deductions on the state return where they would generate the most tax savings. Every situation is different, and needs to be considered based on its own merits, but I can often squeeze a few more dollars out of a state return using this technique.

If you want some assistance getting your state taxes filed, please contact me.



Information in the Tax Blog is current as of the day it was posted. Tax laws change frequently, and it is likely that as time passes acts of Government will make some of the older blog content out of date.

The information provided is for education purposes only. It is general in nature and may not pertain to the Reader's situation. Every taxpayer's circumstances are unique. Reader's are urged to do some research or talk to a tax professional before acting on any of the information posted in this blog.

Paul D. Allen is a founding member of the Military Financial Advisors Association, as well as a member of the National Association of Enrolled Agents, the National Association of Tax Professionals, the Financial Planning Association of Hampton Roads, the National Association of Personal Financial Advisors (NAPFA), and the XY Planning Network. Paul is the Director of the CFP Board-Registered Program at The Regent University School of Law where he also teaches the Capstone Course in Financial Planning. You can read more about Paul's background here.


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Common Acronyms

ACTC - Additional Child Tax Credit

AGI - Adjusted Gross Income

AMT - Alternative Minimum Tax

APTC - Advanced Premium Tax Credit

AOC - American Opportunity Credit

CTC- Child Tax Credit

EIC - Earned Income Credit

HoH - Head of Household

LLC - Lifetime Learning Credit

MFJ - Married Filing Jointly

MFS - Married Filing Separately

MAGI - Modified Adjusted Gross Income

PIM - Plan of Intended Movement

PTC - Premium Tax Credit

QC - Qualifying Child

QHEE - Qualifying Higher Education Expenses

QR - Qualifying Relative

QW - Qualifying Widow(er)


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