CTP

MARCH 21, 2025

This means that each person can receive the items that are most helpful for their personal tax situation. Now with most tax planning strategies, the company needs a bona fide business purpose for claiming a benefit. Instead, you can make an adjustment to the partners capital accounts in the amount of those special allocations.

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CTP

SEPTEMBER 16, 2022

Also known as the “Saver’s Credit,” this can equal up to 50% of your contributions to a retirement plan—a traditional or Roth IRA, elective employer plan (401(k), 403(b), 457(b), SARSEP, or SIMPLE), Achieving a Better Life Experience (ABLE) account, or voluntary after-tax contributions to qualified plans.

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CTP

SEPTEMBER 16, 2022

Also known as the “Saver’s Credit,” this can equal up to 50% of your contributions to a retirement plan—a traditional or Roth IRA, elective employer plan (401(k), 403(b), 457(b), SARSEP, or SIMPLE), Achieving a Better Life Experience (ABLE) account, or voluntary after-tax contributions to qualified plans.

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tax planning Tax Real Estate Education 52

CTP

JUNE 24, 2022

As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? The AAA balance is the undistributed net income of the S corporation.

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CTP

NOVEMBER 9, 2023

Planning for retirement also means planning for retirement income taxes. Creating a tax plan for retirement will ultimately allow you to spend less money on taxes and put more toward the lifestyle you want. Taxable non-retirement investments or brokerage accounts. Pre-tax retirement funds.

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FusionCPA

SEPTEMBER 27, 2020

It allows for fluid flow of sales data from a website, to live inventory management, to customer centers (ideal for B2B wholesale and B2C customers), to transparency into all of your financials. As more business is moving to E-commerce, it has become a growing platform as the basis for e-commerce organizations.

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CTP

NOVEMBER 2, 2023

The percentage of your retirement income that gets redistributed to taxes could considerably impact your quality of life during retirement—if you don’t have a plan in place. Formulating a tax plan for retirement allows your funds to stretch much farther than they would have otherwise.

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Tax tax planning Real Estate Sales 52

CTP

JUNE 10, 2022

This can lead to overlooking one key part of the sales process: tax planning. The decisions you make in structuring the sale will have a direct effect on later tax implications and how much of a profit you actually end up making. An S corporation might have accounts receivable, notes receivable, or tax receivable.

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CTP

JULY 20, 2023

This can be tricky since the threshold is a moving target—you can use tax software to calculate the “tentative minimum tax,” which is equal to: [Taxable income based on AMT rules – AMT exemption] x AMT tax rate – AMT foreign tax credit But the key is to factor AMT into your tax plan throughout the year.

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CTP

APRIL 15, 2022

As news headlines proclaim stories of tax fraud, taxpayers may wonder how they can trust that their tax preparer is abiding by ethical practices. Fortunately, the Treasury Department provides a resource that regulates practice before the IRS for certified public accountants (CPAs), attorneys, and enrolled agents.

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CTP

NOVEMBER 23, 2023

Secondly, if any partners’ capital accounts have a negative balance, this deficit must be restored, and the partnership agreement must dictate that deficits be restored. Remember that it is possible to adjust the agreement to match your tax allocations—with the help of an attorney who is well-versed in tax law.

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Tax tax return income tax tax planning 52

CTP

APRIL 29, 2022

When tax professionals prepare a tax return, they are typically aiming for the return to be correct “beyond a reasonable doubt.” Taxpayers may assume this is a black-and-white matter—but when it comes to tax planning, almost nothing can be dubbed “always correct” or “always incorrect.

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CTP

NOVEMBER 25, 2022

Those figures do not account for the income students lose when attending college full-time. But it’s not by sticking your savings in a low-interest savings account. While there is no federal tax deduction for your contributions to a 529 plan, the income your savings generates isn’t subject to federal taxation.

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CTP

NOVEMBER 21, 2024

Investing in a tax plan can feel like a risk for taxpayers who are used to filing their own tax returns or focusing on basic compliance. In theory, you may see the benefits of a proactive approach where you implement strategies that will result in tax savings years down the line.

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CTP

MARCH 28, 2025

Some provisions are currently scheduled to expire at the end of 2025, but others are considered permanent and could be factored into your business next tax plan. One permanent tax law involves the accounting methods available to small businesses.

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CTP

JANUARY 24, 2025

The downside is that you are paying regular income tax on these funds. Withdraw money from your retirement account for medical expenses. Again, the downside is you are still paying tax on those funds, lowering the total available. One of the most beneficial, and largely underutilized, is the 401(h) Retiree Health Account.

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