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Year-End Tax Planning Ideas for Individuals

RogerRossmeisl

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022.

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Tax planning in an unpredictable political and financial climate

Accounting Today

Tax planning Politics Tax Retirement planning Tax laws

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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.

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Year-end tax planning must-dos for clients

Accounting Today

Tax planning Tax credits Tax Tax breaks Tax deductions

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How to Improve Time Management in Your Tax Planning Business

CTP

When your to-do list is unending and new tasks keep popping up left and right, you may find it difficult to intentionally plan out where you want to devote your time. Another universally valuable number is how many tax plans you completed this month.

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Ethical Concerns in Using Tax Planning Software

CTP

What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. In the world of taxes, there are many ethical issues. 3] It is paid or incurred during the tax year.

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How to Increase Efficiency in Your Tax Planning Business

CTP

Even if your business only has one administrator and one tax preparer, that is your team. Let’s look at an example: A tax planning business needed a way for customers to call in, get basic information, and connect with the right person who could finalize the sale.

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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

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The next big fintech trend is tax planning

Accounting Today

Tax planning Fintech Tax Hardware and software

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Why Tax Planners Need a Written Tax Plan

CTP

What if there was a straightforward way to improve profitability and reduce liability for your tax practice? Creating a written tax plan can separate the professionals from the amateurs. Anyone can come up with an idea and call it a tax plan.

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How to Increase Efficiency in Your Tax Planning Business

CTP

Even if your business only has one administrator and one tax preparer, that is your team. Let’s look at an example: A tax planning business needed a way for customers to call in, get basic information, and connect with the right person who could finalize the sale.

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2022 Year-End Tax Planning Checklist

Withum

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning.

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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!

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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.

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Navigating the 121 Exclusion: Tax Planning for Real Estate Income

CTP

Tax professionals today need to be prepared to incorporate real estate income into their clients’ tax plans. This is where a trained tax professional can add tremendous value by walking clients through the legitimate tax incentives available to real estate owners.

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The Ins and Outs of Real Estate Income: Tax Planning for Short-Term Rentals

CTP

Taxpayers who are new to leveraging real estate for income may be unfamiliar with the tax loopholes available to them. As a tax professional, you may have to overcome your clients’ uncertainty in taking advantage of these loopholes. Lastly, depreciation can be a major tax planning tool.

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

Accounting Today

Tax planning Joe Biden Biden Administration Pass-through entities Tax

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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

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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.

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2020 Year-End Tax Planning Checklist

Withum

Articles Year-End Tax Planning

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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.

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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.

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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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Tax Planning for Business Interest Deductions

Accounting Web

Business Tax Tax Planning for Business Interest Deductions

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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

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Be Prepared – 2022 Year-End/Year-Round Tax Planning Guide

Dent Moses

Dent Moses is committed to helping you maximize your income through a variety of tax-saving strategies. We are sharing our 2022 Year-End/Year-Round Tax Planning Guide. . 2022 Year-End/Year-Round Tax Planning Guide.

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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.

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Near and Long-Term Tax Planning for Section 1031

Accounting Web

Individuals Near and Long-Term Tax Planning for Section 1031

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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 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. […].

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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 […].

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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

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2022 Year-End Tax Planning Strategies for Businesses

KROST

In the last few months of the year, it is important to consider year-end tax planning opportunities as many may provide both immediate and long-lasting financial benefits. The post 2022 Year-End Tax Planning Strategies for Businesses appeared first on KROST.

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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

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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.

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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.

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2021 Year-End State and Local Tax Planning Perspective

Withum

Articles Year-End Tax Planning

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Are You Tax Time Ready? Here Are 8 Tax Planning Strategies to Get Started

Patriot Software

Tax season sneaks up fast. For many business owners (and individual tax filers!), Kick procrastination and stress to the curb with these tried-and-true tax planning strategies. 8 Tax planning […] Read More Accounting Business Taxes

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2020 Year-End Tax Planning Checklist

Withum

Articles Year-End Tax Planning

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2022 tax planning after the Inflation Reduction Act

Accounting Today

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

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Year-End State and Local Tax Planning Perspective

Withum

In recent years there have been significant changes to the State and Local Tax Nexus rules. The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law.

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What the IRS's $80 billion in funding means for your tax return

Accounting Today

Tax planning IRS Tax Audit