Tax Planning Versus Preparation – What is the Difference? – Part 1

CTP

Visit social media or google these days and you’ll most likely see advertisements for Tax Planning. But many taxpayers (and even tax pros) are confused about the differences between tax planning and tax preparation. Yet planning is such a valuable service.

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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.

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 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.

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 […].

2021 Year-End State and Local Tax Planning Perspective

Withum

Articles Year-End Tax Planning

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

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

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.

Why CRTs Remain a Preferred Tax Planning Tool

Accounting Web

Individuals Why CRTs Remain a Preferred Tax Planning Tool

2020 Year-End Tax Planning Checklist

Withum

Articles Year-End Tax Planning

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

College athletes confront tax consequences from NIL revenue

Accounting Today

Accounting education Tax planning Tax Tax regulations

tax 83

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.

New Treasury proposal would hammer wealthy investors using clever tax strategies

Accounting Today

Tax planning Retirement Tax Trusts Estate planning

2020 Year-End State and Local Tax Planning Perspective

Withum

Articles Year-End Tax Planning

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

Tax Planning for Retirement Plans: The Underestimated Value of Social Security

CTP

A common retirement planning myth is that Social Security benefits won’t be around for much longer. Therefore, tax planners can factor in Social Security for at least the next 15 years as a source of retirement income.

Airbnb Directed Share Program Tax Planning

FusionCPA

This means with proper tax planning , Airbnb Superhost entrepreneurs can enjoy stock gains! Many of our clients that are Superhosts have been asking us about potential tax effects of buying the stock at this listing price and then selling it in a month, 6 months or 12 months thereafter.

Tax Planning for a Business Sale: Factoring in Goodwill

CTP

However, in the world of tax accounting, goodwill refers to intangible assets that increase a company’s value. The post Tax Planning for a Business Sale: Factoring in Goodwill appeared first on certifiedtaxcoach.

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.

Year End Tax Planning E-Book

Withum

Withum has prepared a 48 page e-book with year-end tax planning ideas that is available for easy download. See link at end of blog. Blogs

Exit Tax Planning to Avoid/Minimize Expatriation Exit Tax

Withum

Articles

Carriers: The Importance of Tax Planning in Times of Uncertainty

Katz,Sapper&Miller

There are few things that can ruin a day as quickly as a call from your accountant with the news that you owe more than expected on an upcoming tax deadline. Thankfully, there is an alternative to tax deadline surprises.

Representing the Buyer vs the Seller: Tax Planning for Business Deals

CTP

Tax planners need to employ different strategies depending on whether they’re representing the buyer or the seller in the sale of a company. Buyers and sellers have competing interests when it comes to tax advantages—what is good for the buyer is often bad for the seller and vice versa.

4 international tax planning strategies for global companies

ThomsonReuters

Corporate international tax planning is a major challenge for companies that do business in multiple countries. To be aware of pitfalls such as international double taxation — being taxed for the same income in two different countries — they must plan strategically.

The Good, Bad and Ugly of Estate Tax Planning

Withum

My guess is that only about 25,000 estate tax returns would be filed for those dying in 2020 and who left estates large enough to pay estate tax.

Tax Planning for Business Deals: What to Consider When Representing the Seller of an S Corporation

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, since what is advantageous for one is often disadvantageous for the other. Tax Credits Business Sale S corporations Seller

There May Still Be Time to Cut Your Small Business 2021 Taxes

RogerRossmeisl

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. The post There May Still Be Time to Cut Your Small Business 2021 Taxes appeared first on Roger Rossmeisl, CPA. Small Business Tax Briefs Year-End Tax Planning

tax 175

3 Ideas That May Help Cut Your Year-End Tax Bill

RogerRossmeisl

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. Individual Tax Briefs Year-End Tax Planning

tax 170

Year-end Tax Planning Strategies for Professional Service Firms

Withum

Articles

On-Demand Webinar: 2021 Year-End Tax Planning For Law Firms and Attorneys

Withum

Meanwhile, federal and state tax laws, particularly Pass-Through Entity Taxes (PTET), continue to impact law firms in a unique way. The post On-Demand Webinar: 2021 Year-End Tax Planning For Law Firms and Attorneys appeared first on Withum.

What Does Biden’s Win Mean for Tax Policy?

Withum

Articles 2020 Election Year-End Tax Planning

tax 104

What do Coronavirus Relief Grants Mean For Your Year-End Tax Bill?

Withum

Articles Year-End Tax Planning

tax 82

New Tax Planned As eCommerce Soars In Thailand 

PYMNTS

Thailand hopes to annually collect 3 billion to 4 billion baht ($98 million to $131 million) by introducing a tax on tech businesses, Reuters reported on Monday (Aug. If approved by Parliament, Thailand will institute a value-added-tax starting next year on electronic businesses, leveraging the eCommerce boom in the country. Ekniti Nitithanprapas, director-general of the revenue department, told reporters the tax will likely seek parliamentary approval this year.