Year-End Tax Planning Ideas for your Small Business

RogerRossmeisl

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. If you expect to be in a higher tax bracket next year, opposite strategies may produce better results.

TAX PLANNING 101: Busting the Myth that Tax Planning is Only for the Rich! Part 1

CTP

By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. However, thanks to Certified Tax Planners, even a small business owner can get the same huge savings the rich do. Part 1 appeared first on Certified Tax Coach.

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Your Estate Plan: Don’t Forget About Income Tax Planning

RogerRossmeisl

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Individual Tax Briefs

Tax Planning Software – Artificial Intelligence or Skill Saw?

CTP

Have you asked yourself, do I really have to study 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!

HOW JOINT VENTURES CAN DRAMATICALLY GROW YOUR TAX PLANNING BUSINESS

CTP

For tax professionals in particular, one pro tip has the potential to alleviate stress and accelerate your business growth: that is to start a joint venture. Often, an ideal partnership is between a tax planner and a financial advisor.

Wealthy business owners at center of fight over Biden’s tax plan

Accounting Today

Tax planning Joe Biden Biden Administration Pass-through entities Tax

TAX PLANNING 101: Busting the Myth that Tax Planning is Only for the Rich! Part 1

CTP

By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. However, thanks to Certified Tax Planners, even a small business owner can get the same huge savings the rich do. Part 1 appeared first on Certified Tax Coach.

Year-end Tax Planning

CapataCPA

Year-end Tax Planning With the year coming to a close, now is an important time to be thinking about ways to save on taxes for 2020 and possibly 2021. The post Year-end Tax Planning appeared first on CPA firm in Orange County, CA | CAPATA. Tax Planning

Maximizing Profits Through Proper Tax Planning

MyIRSRelief

With more than 30 million small businesses in the US, effective tax planning is essential to maximizing profits and minimizing taxes, keeping more of what is earned, and lowering your taxes for the future. Understanding the intricacies of effective tax planning takes professional guidance to ensure that you are taking advantage of every opportunity. And the account itself will continue to grow tax-free. That is where a tax professional can help.

Tax Planning Versus Preparation – What is the Difference? – Part 2

CTP

Tax planning is making shifts in a taxpayer’s financial and business situation, to minimize their tax burden both in the short term and over time. We’ll discuss five of the main strategies for legally lowering your clients’ tax burden. By Dominique Molina, CPA MST CTS.

2020 Year-End Tax Planning Checklist

Withum

Articles Year-End Tax Planning

Tax Planning for Business Interest Deductions

Accounting Web

Business Tax Tax Planning for Business Interest Deductions

10 midyear tax planning moves

ThomsonReuters

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust

Tax Planning Software – Artificial Intelligence or Skill Saw?

CTP

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.

2022 tax planning after the Inflation Reduction Act

Accounting Today

Tax credits Tax Finance, investment and tax-related legislation Tax deductions

Near and Long-Term Tax Planning for Section 1031

Accounting Web

Individuals Near and Long-Term Tax Planning for Section 1031

Income Tax Planning as Part of Your Estate Plan

RogerRossmeisl

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Individual Tax Briefs Estate Planning

Wash Sale Rules and Cryptocurrency Tax Planning for 2022

Anders CPA

Cryptocurrencies are on the rise, but many investors don’t understand the tax treatment and impacts of these digital currencies. Some investors attempt to use wash sales to realize a loss and maximize their tax deductions. Crypto Tax Planning for 2022.

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TAX PLANNING 101: Ideas for Reducing Taxable Income and Maximizing Tax Credits Part 2

CTP

We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. STRATEGIES TO MAXIMIZE TAX CREDITS.

TAX PLANNING 101: Ideas for Reducing Taxable Income and Maximizing Tax Credits Part 2

CTP

We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. STRATEGIES TO MAXIMIZE TAX CREDITS.

Tax Planning 2020 – Part THREE

LSLCPAs

Part THREE: PPP Loans, Required Minimum Distributions, and 401(k)s SO much has happened this year and SO much has to be done before the year-end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope you will too. […].

Tax Planning 2020 – Part TWO

LSLCPAs

Part TWO: The CARES Act, Net Operating Losses, and Cash Flow So much has happened this year and so much has to be done before the year end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope […].

Tax Planning for Retirement Plans: Roth IRAs and the Five-Year Rule

CTP

Roth IRAs have become a popular option for flexible retirement planning. A benefit to this type of retirement account is the fact that contributions to a Roth IRA are always made with after-tax dollars. Several recent changes to tax law also impact IRA distributions.

Tax Planning for Retirement Plans: Understanding the Main Types of Retirement Accounts

CTP

Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. However, certain types of retirement plans come with special tax exemptions and other financial benefits, which taxpayers can take advantage of with some advance planning.

Three Reasons Why Your Tax Plans Aren’t Selling (& What to Do!)

CTP

Here are three common problems and their solutions to help you develop a successful and strategic tax planning sales pitch. The value of your tax plan has to be obvious to your clients, but it can be difficult to quantify. Blog tax plan

2021 Year-End State and Local Tax Planning Perspective

Withum

Articles Year-End Tax Planning

2020 Year-End Tax Planning Checklist

Withum

Articles Year-End Tax Planning

Yellen’s grand global corporate tax plan risks Congress flop

Accounting Today

Janet Yellen Corporate taxes International taxes Biden Administration Tax

Tax Planning 2020 – Part ONE

LSLCPAs

Part ONE: The Pandemic (PPP loans), The Election, and Technology INSIDER’S TIP: Start Tax Planning NOW. The post Tax Planning 2020 – Part ONE appeared first on LSL CPAs. Technology Tax News Tax Planning Tax & Financial Services Tax PPPL PPP Loan PPP Loan Forgiveness Cash Flow R&D Net Operating Losses Year End Tax Planning technology Tax Planning Strategy

Ask the Expert… What’s the difference between tax planning, avoidance and evasion?

DMCL

While we can all agree it’s great to pay less tax, it goes without saying that you need to make sure any methods of tax reduction you utilize follow the law. The CRA actively discourages these methods and looks diligently for instances of tax avoidance in their audits.

Crowdfunding complexities may produce tax surprises

Accounting Today

Tax planning Tax Tax regulations

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2020 Year-End Tax Planning Opportunities for Individuals

KROST

As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. Gift Tax.

2020 Year-End State and Local Tax Planning Perspective

Withum

Articles Year-End Tax Planning

A $2 trillion fraud with employee retention credits puts financial advisors on edge

Accounting Today

Tax planning Tax credits Fraud Tax Small business RIAs

Tax Planning for Business Deals: What to Consider When Representing the Buyer

CTP

As a tax advisor, you will need to employ different strategies when you are representing a buyer vs. seller in the sale of a company. The post Tax Planning for Business Deals: What to Consider When Representing the Buyer appeared first on certifiedtaxcoach.

Are you ready for the crypto tax storm?

Accounting Today

Tax planning Tax Bitcoin Cryptocurrencies

tax 89

How to avoid the dividend stock 'yield trap'

Accounting Today

Tax planning Stock dividends Retirement Tax

Why CRTs Remain a Preferred Tax Planning Tool

Accounting Web

Individuals Why CRTs Remain a Preferred Tax Planning Tool

GOP plans to deploy obscure rule as weapon against spending bill

Accounting Today

Tax planning Biden Administration Tax

Tax Planning for Retirement Plans: Weighing the Tax Consequences for Early Withdrawals

CTP

However, if the account holder has not reached full retirement age (FRA), withdrawing those funds early can result in a slew of tax penalties and other deductions. In terms of federal taxes, withdrawing funds before the plan’s retirement age will result in a 10% early withdrawal penalty.

Savvy Massachusetts Companies Receiving Outside Financing Will Use This Tax Planning Opportunity Before Year-End

Withum

Articles Year-End Tax Planning

Corporations facing new book tax and stock buyback levy

Accounting Today

Corporate taxes Tax planning Financial reporting Tax

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AICPA weighs in on Inflation Reduction Act

Accounting Today

Tax planning Corporate taxes IRS Tax AICPA