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. Known as Circular 230 , this publication contains the guidance needed for responsible and well-trained tax professionals to ensure they are making decisions in step with current tax law.

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tax preparation Tax tax return tax planning 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. This is actually a lower standard than some may assume.

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tax preparation Tax tax return cpas 52

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. What is substantial economic effect?

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Tax tax return income tax tax planning 52

CTP

AUGUST 3, 2023

However, without advance planning, taxes can subtract a large chunk of your profits. Savvy investors make decisions with the tax implications in mind, and use timing to their advantage to sidestep hefty tax bills. The 0% tax rate only applies to long-term capital gains.

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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.

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Sales Tax income tax tax return 52

CTP

MAY 10, 2023

The Internet abounds with incorrect interpretations of the rules around vehicle tax deductions. Saving on taxes by using your car for business sounds convenient and appealing, but understanding the actual guidelines is key for this strategy to be effective. What steps do you need to take to gain tax savings for your business vehicle?

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Tax tax planning Maine tax return 52

CTP

DECEMBER 8, 2022

The many tax loopholes available can make this an attractive source of income—but first-time property owners may feel uncertain about taking advantage of these tax breaks. By enticing taxpayers with tax benefits, more people are able and willing to make this sizable financial investment. Looking to invest in real estate?

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Real Estate Tax tax return tax planning 52

CTP

MARCH 2, 2022

Without careful planning, your beneficiaries could find themselves with a hefty tax bill. A tax expert can help you a) minimize estate taxes and b) generate sufficient liquidity to satisfy estate expenses. In 2021, the federal estate tax does not apply to individual estates worth less than $11.7 Lifetime Giving.

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income tax Tax tax planning tax return 97

CTP

NOVEMBER 25, 2022

We’re tax advisors. So, not surprisingly, we’re going to tell you about the most tax-advantageous way to start saving for college. It’s called a 520 Savings Plan. Why a 529 Savings Plan? The first 529 College Savings Plan was launched by the state of Michigan in 1986. More Ways to Maximize Your Tax Savings.

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