CTP

JUNE 24, 2022

As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective?

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Tax Non-Profits tax planning Sales 98

CTP

NOVEMBER 16, 2023

Instead, the startup can use the special tax allocation to create an attractive investment package and bring in more capital. Overall, special tax allocations are a valuable tax planning tool that allows partnerships to direct tax benefits and consequences where they want them to go.

Tax 52

Tax Non-Profits income tax tax planning 52

CTP

JULY 27, 2023

Summary Financial losses can end up providing a benefit when it comes to tax planning. With some advance planning, loss harvesting and loss carryovers can be leveraged to lower your tax bill in years when you have more income coming in from other sources. Again, timing is key to make these strategies work for you.

Tax 52

Tax tax planning Sales Start-ups 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.

Sales 52

Sales Tax income tax tax return 52

CTP

MARCH 2, 2022

Let us help you plan for the future and eliminate the stress factor with an estate tax planning consultation. [1] Your business success should be nothing but a cause for celebration for you and your beneficiaries. 2020-45, Sec.41. 2] IRC § 2010(c)(3)(C). [3] 3] IRC § 2503(b). [4] 2020-45, Sec.43. 5] IRC § 2505(a)(1). [6]

income tax 97

income tax Tax tax planning tax return 97

CTP

APRIL 15, 2022

For instance, how do you determine if a tax planner is charging a reasonable fee? Taxpayers will first want to understand the difference between reactive tax work and proactive tax planning. Another example of an unconscionable fee is if a tax preparer were to take the fee but not do any of the work.

tax preparation 52

tax preparation Tax tax return tax planning 52

CTP

MAY 10, 2023

Taxpayers sometimes make the Section 179 election on their tax returns and don’t even realize the deduction has been suspended—that they didn’t receive the benefit that tax year. This can unfortunately affect tax planning down the road. As with all tax planning, thinking through a strategy in advance is the key.

Tax 52

Tax tax planning Maine tax return 52

CTP

NOVEMBER 23, 2023

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. Partnership entities can be worthwhile just because of this flexible tax planning option that allows each partner to receive the gains and losses they need.

Tax 52

Tax tax return income tax tax planning 52

CTP

OCTOBER 2, 2023

Ensuring that you qualify for these tax credits can be a straightforward process if you understand the most recent requirements and factor these credits into your overall tax plan. To stay on top of tax saving strategies this year, enlist the help of a Certified Tax Planner.

Tax 52

Tax Non-Profits tax planning Gaming 52

CTP

JANUARY 11, 2023

Certified Tax Planners are proactive, searching for and helping you qualify for as many tax reduction strategies you are legally eligible for, not just the ones you are using now. They don’t just report your taxes, they actively REDUCE them. The post GoFundMe Receipts and IRS Rules appeared first on Certified Tax Coach.

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Tax Legal tax planning audit 52

CTP

APRIL 29, 2022

When tax professionals prepare a tax return, they are typically aiming for the return to be correct “beyond a reasonable doubt.” Taxpayers may assume this is a black-and-white matter—but when it comes to tax planning, almost nothing can be dubbed “always correct” or “always incorrect.

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tax preparation Tax tax return cpas 52

CPA Practice

APRIL 29, 2024

Add on Intuit Tax Advisor, an integrated advisory tool that automatically generates strategies for client tax savings, and you come full circle from tax prep to tax planning. We don’t do tax returns if we don’t do the bookkeeping, because everybody knows without bookkeeping, it’s probably a mess.

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Tax tax return Technology bookkeeping 124

CTP

OCTOBER 18, 2022

Certified Tax Planners are proactive, searching for and helping you qualify for as many tax reduction strategies you are legally eligible for. They don’t just report your taxes, they REDUCE them. Secure maximum savings for your taxes by getting a personalized tax plan from your local Certified Tax Planner. .

Real Estate 52

Real Estate Tax tax planning Legal 52

CTP

SEPTEMBER 16, 2022

By strategically planning a combination of direct gifts and a Donor Advised Fund, they were able to “bunch” their giving as a large, itemized deduction and offset much of their additional income. Tax codes offer a multitude of ways to minimize your taxes regardless of what tax bracket you are in.

tax planning 52

tax planning Tax Real Estate Education 52

CTP

SEPTEMBER 16, 2022

By strategically planning a combination of direct gifts and a Donor Advised Fund, they were able to “bunch” their giving as a large, itemized deduction and offset much of their additional income. Tax codes offer a multitude of ways to minimize your taxes regardless of what tax bracket you are in.

tax planning 52

tax planning Tax Real Estate Education 52

CTP

OCTOBER 2, 2023

This article aims to provide a “Tax Credits 101” overview of what tax credits are, how these credits can differ, and how to claim them. For a more nuanced look at which tax credits you might qualify for, reach out to a Certified Tax Planner to start building a customized tax plan.

Tax 52

Tax tax planning Government tax return 52

CTP

JULY 20, 2023

This can be tricky since the threshold is a moving target—you can use tax software to calculate the “tentative minimum tax,” which is equal to: [Taxable income based on AMT rules – AMT exemption] x AMT tax rate – AMT foreign tax credit But the key is to factor AMT into your tax plan throughout the year.

Tax 52

Tax income tax tax planning Sales 52

FusionCPA

SEPTEMBER 27, 2020

It allows for fluid flow of sales data from a website, to live inventory management, to customer centers (ideal for B2B wholesale and B2C customers), to transparency into all of your financials. As more business is moving to E-commerce, it has become a growing platform as the basis for e-commerce organizations.

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NetSuite E-commerce B2C 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

DECEMBER 8, 2022

However, if you are a real estate broker who is paid commission every time you represent someone in buying or selling a home, the IRS will consider rental income to be “earned income,” and you will have to pay self-employment taxes. Lastly, depreciation can be a major tax planning tool.

Real Estate 52

Real Estate Tax tax return tax planning 52

CTP

NOVEMBER 25, 2022

While there is no federal tax deduction for your contributions to a 529 plan, the income your savings generates isn’t subject to federal taxation. More Ways to Maximize Your Tax Savings. A Certified Tax Planner is trained to help you harvest all of your tax benefits and will comb through your financial life to find them.

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Education Tax accounting and finance Michigan 40