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Mastering Tax Planning: Proven Strategies to Minimize Your Tax Liabilities

MyIRSRelief

Understanding Taxation Before delving into tax planning strategies, it’s crucial to comprehend the basics of taxation. This section will provide an overview of different types of taxes, including income tax, capital gains tax, and corporate tax, and explain how they impact individuals and businesses.

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LLC vs. S corp: Which is right for your business and taxes? 

xendoo

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

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LLC vs. S corp: Which is right for your business and taxes? 

xendoo

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

Tax 52
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Selling Your Business? Personal Goodwill Can Reduce Your Tax Burden

CPA Practice

Goralka, Kiplinger Consumer News Service (TNS) Most people, including many experienced attorneys and CPAs, are surprised to learn that an individual owner, shareholder or member can individually own a corporation’s or limited liability company’s bundle of rights commonly known as goodwill. This is an increase in wealth of over 33%.

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AICPA Submits Suggestions for the 2023-2024 Guidance Priority List

CPA Practice

The American Institute of CPAs (AICPA) submitted a letter to the Internal Revenue Service (IRS) containing 182 suggestions regarding the 2023-2024 Guidance Priority List.

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Tax Deductions Guide 2021

inDinero Tax Tips

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Deductions work by reducing your total gross income.

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The Best Small Business Bookkeeping Solutions

xendoo

Corporate tax preparation . Our bookkeepers and CPAs are available by phone, text, and email, so you’re never out of touch with our skilled team. These bookkeeping solutions not only take the hassle out of tax season, but their tax strategy and planning services can help you keep more of your profits.