CTP

MARCH 20, 2023

However, from a tax perspective, there are several significant drawbacks. For example, you may find yourself paying income taxes twice: once on the business side and again when you file your personal returns. More importantly, sole proprietorships leave you open to financial and legal liability.

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CTP

MARCH 20, 2023

However, from a tax perspective, there are several significant drawbacks. For example, you may find yourself paying income taxes twice: once on the business side and again when you file your personal returns. More importantly, sole proprietorships leave you open to financial and legal liability.

income tax 52

income tax Legal tax return Tax 52

CTP

DECEMBER 28, 2023

This IRS election can allow some or all of the taxable income from your export sales to be taxed at a lower rate. The IC-DISC enables you to reclassify income so that it is taxed at the qualified dividend rate, which will be 20% at the most. Comparatively, the ordinary income tax rate can be as high as 37%.

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CTP

NOVEMBER 23, 2023

One of the hidden benefits of setting up your business as a partnership is the ability to use special tax allocations. Because a partnership is a pass-through entity, income, losses, credits, and deductions “pass through” to the business owners who are taxed at personal income tax rates.

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CTP

SEPTEMBER 16, 2022

There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.”

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CTP

MAY 24, 2023

One of the most well-known tax advantage strategies for oil and gas investors is through the use of master limited partnerships (MLPs). MLPs are a type of publicly traded partnership that is designed to distribute income directly to investors, while avoiding corporate income tax.

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CTP

NOVEMBER 2, 2023

As people explore their options for retirement income, they don’t always take into consideration the tax implications. The percentage of your retirement income that gets redistributed to taxes could considerably impact your quality of life during retirement—if you don’t have a plan in place.

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CTP

JULY 20, 2023

Know the Basics for Strategic Timing From a tax perspective, the goal is typically to move from short-term to long-term capital gains tax. Short-term capital gains are taxed at ordinary income tax rates, which will be 22% or higher for middle-to-upper-class taxpayers.

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CTP

DECEMBER 28, 2023

The IC-DISC is an election created by the IRS to help American companies become more globally competitive by lowering their federal tax liability. By creating an IC-DISC, some or all of your business’ taxable income can be taxed at the qualified dividend rate. What are the requirements for setting up an IC-DISC?

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Tax income tax tax return Sales 52

CTP

SEPTEMBER 12, 2022

By hiring your kids, you can save your federal taxes by up to 37%, and you’ll also get an extra set of helping hands. Regardless of the child’s age, if they make the standard deduction of $12,950 or less, federal income tax is not due on their salary.

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CTP

SEPTEMBER 13, 2022

How to save money on business taxes. Taking advantage of the Qualified Business Income tax deduction. Suppose a company is a pass-through entity—a sole proprietorship, an S corporation, or a partnership—passing its income and deductions down to its shareholders, partners, or owners to report on their personal returns.

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CTP

AUGUST 3, 2023

If you have investments with unrealized gains (meaning they are poised for a profit when they sell that investment), a common tax strategy is to gift the investment to their children to avoid immediate taxation. net investment income tax or the 20% long-term capital gains rate.

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Tax income tax tax return tax planning 52

CTP

SEPTEMBER 13, 2022

How to save money on business taxes. Taking advantage of the Qualified Business Income tax deduction. Suppose a company is a pass-through entity—a sole proprietorship, an S corporation, or a partnership—passing its income and deductions down to its shareholders, partners, or owners to report on their personal returns.

Tax 52

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CTP

DECEMBER 14, 2022

Another benefit is that if you qualify for the 121 exclusion, the excluded amount will not be counted toward net investment income tax (NIIT). NIIT is calculated by adding all the income you earned from investments and subtracting any relevant expenses. That home would only be eligible for two-thirds of that exclusion amount.

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CTP

NOVEMBER 25, 2022

Saving for college through a 529 plan can simultaneously help you reach your college savings goals and reduce your taxes. In most states, the money you contribute to your plan is tax-deductible on your state income tax return. As your money grows, you’re not taxed on the income your plan returns.

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