CTP

NOVEMBER 15, 2023

The General Accounting Office estimates that Americans over-pay their taxes by almost a billion (yes, that’s billion) dollars each year! That’s why tax planning is gaining in popularity. Some obvious reasons are mistakes or oversights on their tax returns. Not all tax planning is the same!

tax planning 111

tax planning Tax tax preparation tax return 111

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.” MUCH more than an accountant merely reporting your taxes!

tax planning 98

tax planning Tax tax return Education 98

CTP

AUGUST 11, 2022

Question : How much time should I devote to studying tax planning? If you’ve read my articles about tax planning before, no doubt you’ve read my description of tax planning software as an instrumental tool. The same is true for tax planning software. By Dominique Molina, CPA MST CTS.

tax planning 52

tax planning Tax tax return Construction 52

CTP

APRIL 15, 2022

As news headlines proclaim stories of tax fraud, taxpayers may wonder how they can trust that their tax preparer is abiding by ethical practices. Fortunately, the Treasury Department provides a resource that regulates practice before the IRS for certified public accountants (CPAs), attorneys, and enrolled agents.

tax preparation 52

tax preparation Tax tax return tax planning 52

CTP

NOVEMBER 23, 2023

If this is lacking, then the IRS can simply ignore your attempt to make a special allocation on your tax returns and instead allocate the profits and losses based on ownership percentage. Remember that it is possible to adjust the agreement to match your tax allocations—with the help of an attorney who is well-versed in tax law.

Tax 52

Tax tax return income tax tax planning 52

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. An S corporation might have accounts receivable, notes receivable, or tax receivable.

Sales 52

Sales Tax income tax tax return 52

CTP

APRIL 29, 2022

One of the many benefits of working with a tax professional is the guidance they provide in developing tax return positions that substantiate why certain income qualifies for tax-exemption or why you are eligible for a certain tax deduction.

tax preparation 52

tax preparation Tax tax return cpas 52