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Using an Income Tax Preparation Service: Is It Worth the Cost?

MyIRSRelief

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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A Cautionary Tax Planning Tale: Timing and Formalities Are Critical

CPA Practice

When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year. This provides an estimated tax savings of $1,289,100.

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Fiscal Year 2023 Revenue Proposal: How Does the Biden Administration’s Proposal Impact the Real Estate Industry?

KROST

If you are in the real estate space, it is important to know that many of the proposal’s provisions will negatively impact the real estate industry. Below are the highlights of the proposal that would heavily affect the real estate industry. Tax Long-Term Capital Gains at the Ordinary Income Rate.

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The Like-Kind Exchange Home Sale Strategy

CPA Practice

Rahill, CPA/PFS, JD, LL.M., For taxpayers who find themselves in this situation, thoughtful tax planning is essential. Here’s how this home sale strategy can help your clients be more tax savvy while navigating today’s real estate market. By Daniel F. million or more.

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Professionals on the Move – August 2023

CPA Practice

Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. He is experienced in working with the management of closely held businesses in implementing tax-planning strategies, as well as providing private equity and capital groups with tax forecast, advisory and compliance-related services.

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What is tax advisory?

ThomsonReuters

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do? They may even be a tax attorney.

Tax 98
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Tax Filing Tips for Life’s Biggest Milestones

CPA Practice

It’s important to note that the latter option may come with sacrificing certain tax advantages. This includes the Earned Income Tax Credit (EITC), the Adoption Tax Credit, the deduction for student loan interest or child and dependent care expenses. Jamie Scott is a partner at The Bonadio Group.

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