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.” To find a Certified Tax Planner near you, click here.

tax planning 98

tax planning Tax tax return Education 98

CTP

JUNE 10, 2022

This can lead to overlooking one key part of the sales process: tax planning. The decisions you make in structuring the sale will have a direct effect on later tax implications and how much of a profit you actually end up making.

Sales 52

Sales Tax income tax tax return 52

CTP

MARCH 2, 2022

This article outlines a number of estate planning tax strategies… LIFETIME GIFTING, LIQUIDITY RELIEF, LIFE INSURANCE. Every year, taxpayers can gift up to a certain amount per beneficiary without having to report it on a gift tax return (Form 709). [3] Lifetime Giving. 3] Currently, the cap is $15,000 per year. [4]

income tax 97

income tax Tax tax planning tax return 97

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.

Tax 52

Tax tax return income tax tax planning 52

CTP

AUGUST 3, 2023

If you are holding an asset as an investment through your pass-through business, when you sell that asset it is recorded as capital income and then reported on your personal tax return as the owner. Taxpayers who began their careers more recently often have a lower income and can often benefit from the 0% rate.

Tax 52

Tax income tax tax return tax planning 52

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.

Education 40

Education Tax accounting and finance Michigan 40