CTP

OCTOBER 2, 2023

Yet every year countless taxpayers overlook money-saving opportunities in the form of tax credits. Claiming tax credits is a surprisingly underutilized strategy. Currently, there are over 1200 different tax credits available, and unlike tax deductions, these credits provide a dollar-for-dollar reduction to your tax bill.

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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. Pre-tax retirement funds. Tax-free retirement funds. Social Security. Social Security.

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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 2, 2023

As people explore their options for retirement income, they don’t always take into consideration the tax implications. 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. Investing for Income.

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Tax tax planning Real Estate Sales 52

CTP

JULY 20, 2023

Timing is the key to long-term investment success, especially because timing can have a dramatic impact on tax consequences for investment activities. If your investment is successful, at some point you will have to pay taxes on any capital gains—the profit you make from selling a property or investment.

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Tax income tax tax planning Sales 52

CTP

NOVEMBER 16, 2023

From a tax perspective, partnerships are often viewed as too complicated and can come with tax disadvantages when you have non-passive partners involved. However, partnerships are also the only entity type that allows for special tax allocations. What does it look like to set up special tax allocations?

Tax 52

Tax Non-Profits income tax tax planning 52

CTP

AUGUST 3, 2023

However, without advance planning, taxes can subtract a large chunk of your profits. Savvy investors make decisions with the tax implications in mind, and use timing to their advantage to sidestep hefty tax bills. The 0% tax rate only applies to long-term capital gains.

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Tax income tax tax return tax planning 52

CTP

OCTOBER 28, 2024

Family office services are typically offered by large CPA firms and include financial advisory services and even tax planning services. If you need support managing your charitable giving to maximize impact and tax advantages, you can receive support through a family office. The post What is a Family Office?

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Education tax planning Government Real Estate 52

CTP

APRIL 29, 2022

One of the many benefits of working with a tax professional is the guidance they provide in developing tax return positions that substantiate why certain income qualifies for tax-exemption or why you are eligible for a certain tax deduction. This is actually a lower standard than some may assume.

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tax preparation Tax tax return cpas 52

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. Known as Circular 230 , this publication contains the guidance needed for responsible and well-trained tax professionals to ensure they are making decisions in step with current tax law.

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tax preparation Tax tax return tax planning 52

CTP

OCTOBER 2, 2023

What would you do for a lower tax bill? One of the most underutilized tax strategies is to identify and claim tax credits. Many taxpayers may find that they qualify for a tax reduction based on behavior or practices they are already engaged in. The cost for the plan is $49 plus $8 per participant.

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Tax Non-Profits tax planning Gaming 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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Sales Tax income tax tax return 52

CTP

NOVEMBER 23, 2023

One of the hidden benefits of setting up your business as a partnership is the ability to use special tax allocations. Because a partnership is a pass-through entity, income, losses, credits, and deductions “pass through” to the business owners who are taxed at personal income tax rates. What is substantial economic effect?

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Tax tax return income tax tax planning 52

CTP

MAY 10, 2023

The Internet abounds with incorrect interpretations of the rules around vehicle tax deductions. Saving on taxes by using your car for business sounds convenient and appealing, but understanding the actual guidelines is key for this strategy to be effective. What steps do you need to take to gain tax savings for your business vehicle?

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Tax tax planning Maine tax return 52

CTP

DECEMBER 8, 2022

The many tax loopholes available can make this an attractive source of income—but first-time property owners may feel uncertain about taking advantage of these tax breaks. By enticing taxpayers with tax benefits, more people are able and willing to make this sizable financial investment. Looking to invest in real estate?

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Real Estate Tax tax return tax planning 52

CTP

OCTOBER 18, 2022

But you may not be aware that the tax consequences of renting to related parties are different from renting to others and may easily trigger a trap that reclassifies rental property into a personal residence. Tax rules for real property vary depending upon its classification under 26 U.S. Real estate taxes. Under 26 U.S.

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Real Estate Tax tax planning Legal 52

CPA Practice

JANUARY 23, 2024

For example, maybe you can work with a financial planner to host a tax planning workshop and share your knowledge. Over 70% of B2C marketers leverage content marketing. You may also want to consider co-hosting or partnering with others to host events and webinars. It’s an opportunity to have a voice in the industry.

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CPA Practice

JANUARY 22, 2024

For example, maybe you can work with a financial planner to host a tax planning workshop and share your knowledge. Over 70% of B2C marketers leverage content marketing. You may also want to consider co-hosting or partnering with others to host events and webinars. It’s an opportunity to have a voice in the industry.

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CTP

MARCH 2, 2022

Without careful planning, your beneficiaries could find themselves with a hefty tax bill. A tax expert can help you a) minimize estate taxes and b) generate sufficient liquidity to satisfy estate expenses. In 2021, the federal estate tax does not apply to individual estates worth less than $11.7 Lifetime Giving.

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income tax Tax tax planning tax return 97

CTP

JULY 27, 2023

Profiting off your investments while also reducing your tax bill is a delicate balancing act. The more you learn about tax reduction strategies, the clearer it becomes that timing is essential to keeping taxes low. The IRS has rules in place to prevent taxpayers from falsifying a loss just to get the tax break.

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Tax tax planning Sales Start-ups 52

FusionCPA

SEPTEMBER 27, 2020

It combines e-commerce, CRM, Financials, Advanced Reporting, warehouse management, global business management (ideal for international taxes), human resource management, and more! Come tax season, if these systems are not precisely maintained, you may have a mess on your hands. Ecommerce businesses need more than a website.

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CTP

JANUARY 11, 2023

But tax planners still have something to go on. But until then, about the only thing tax planners have to go in is Information Letter 2016-0036. tax law, “income” is defined very broadly. Learn the Simplest Ways to Lower Your Taxes to Almost Zero! That could be a tax bill and it could be a full audit.

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Legal Tax tax planning audit 52

CTP

NOVEMBER 25, 2022

We’re tax advisors. So, not surprisingly, we’re going to tell you about the most tax-advantageous way to start saving for college. It’s called a 520 Savings Plan. Why a 529 Savings Plan? The first 529 College Savings Plan was launched by the state of Michigan in 1986. More Ways to Maximize Your Tax Savings.

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