article thumbnail

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help

MyIRSRelief

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.

article thumbnail

Unlocking the Mystery of Taxes on Employer-Issued Non-Qualified Stock Options

RogerRossmeisl

Well explain what you need to know about the federal income and employment tax rules for employer-issued nonqualified stock options (NQSOs). Tax planning objectives Youll eventually sell shares you acquire by exercising an NQSO, hopefully for a healthy profit. When you do, your tax planning objectives will be to: 1.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Make Year-End Tax Planning Moves Before It’s Too Late!

RogerRossmeisl

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. The post Make Year-End Tax Planning Moves Before It’s Too Late!

article thumbnail

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. If you do itemize, you can deduct medical expenses that exceed 7.5%

article thumbnail

Navigating Tax Reform: The Three Statements that Will Help You Sell Tax Plans This Year

CTP

Each new day brings a new headline about upcoming changes to tax law. As Congress weighs major decisions on the renewal of Tax Cuts and Jobs Act (TCJA) provisions and the White House issues new tariffs, tax planners may find themselves scrambling to provide answers and reassurance to their clients.

article thumbnail

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. Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025.

article thumbnail

Federal Court Blocks Texas CPA and Financial Firm From Selling Certain Tax Plans

CPA Practice

The injunctions also prohibit Dombek from preparing anyfederal tax returns for anyone other than himself and Optimal from preparing certain federal tax returns reflecting such tax plans. Hubbert of the Justice Department’s Tax Division made the announcement. Dombek and Optimal consented to entry of the injunctions.

Texas 126