Tax Strategy: 2024 year-end tax planning
Accounting Today
SEPTEMBER 26, 2024
2024 has so far not produced significant tax legislation impacting year-end tax planning, but it continues to be impacted by legislation from prior years,
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Accounting Today
SEPTEMBER 26, 2024
2024 has so far not produced significant tax legislation impacting year-end tax planning, but it continues to be impacted by legislation from prior years,
RogerRossmeisl
SEPTEMBER 9, 2024
With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. Do you expect to be in a higher tax bracket next year? Here are some other ideas that may help you save tax dollars if you. If so, then opposite strategies may produce better results.
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MyIRSRelief
JULY 17, 2023
Tax planning is a vital aspect of financial management, both for individuals and businesses. It involves a proactive approach to legally reduce tax liabilities by optimizing financial decisions throughout the year. Section 1: The Importance of Tax Planning 1.1. Section 2: Tax Planning for Individuals 2.1.
MyIRSRelief
DECEMBER 15, 2023
Top 10 Tax Planning Concepts for W-2 Earners As a W-2 earner, understanding tax planning concepts can help you maximize your tax savings and ensure you’re making the most of your income. Here are the top ten tax planning concepts you should know. Call us today at 1-877-78-TAXES [1-877-788-2937].
Accounting Today
SEPTEMBER 17, 2024
Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.
Accounting Today
OCTOBER 1, 2024
This election season could have a more significant effect on tax policy than most. How can CPAs guide their clients through this potential volatility in tax policy?
Dent Moses
OCTOBER 10, 2024
Dent Moses is committed to keeping you informed of the latest tax-saving strategies. We are sharing our AG-YE_YR Tax Planning Guide-2024_DM. We look forward to working with you to review the details of your tax situation. The post 2024 Business Tax Planning Guide appeared first on Dent Moses, LLP.
Withum
JULY 24, 2024
Let’s explore some key points related to new law firm partners and their tax situation: Tax Implications for New Law Firm Partners Switch from W-2 to K-1 Taxation: Upon elevation to partner, there could be a switch from being a W-2 employee to receiving a K-1 to report income to you. Additionally, they will pay 2.9%
Nancy McClelland, LLC
AUGUST 22, 2024
As regular readers know, I’m a big fan of the National Association of Tax Professionals. They generally provide top-notch education, and I appreciate the fact that they do not discriminate against non-credentialed tax pros. It will also be available on-demand.
RogerRossmeisl
JULY 16, 2022
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.
RogerRossmeisl
SEPTEMBER 25, 2022
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. Here are some other ideas that may help you save tax dollars if.
CTP
NOVEMBER 15, 2023
Do you feel that you pay too much in tax? The General Accounting Office estimates that Americans over-pay their taxes by almost a billion (yes, that’s billion) dollars each year! That’s why tax planning is gaining in popularity. Some obvious reasons are mistakes or oversights on their tax returns. You’re not alone.
CTP
FEBRUARY 20, 2024
By Dominique Molina, CPA MST CTS You’re in the business of tax planning, and you pride yourself on being the go-to expert for navigating the complex world of taxes. It’s a widespread belief, but it barely scratches the surface of what tax planning can do. So, keep an open mind as you read on.
CPA Practice
OCTOBER 18, 2024
TaxPlanIQ, a provider of tax planning software for tax and accounting firms, is hosting a one-day free Virtual Summit entitled “Your Playbook for Building a Tax Planning Empire” next week. This online-only event will take place from 11 a.m. Free registration is available until Oct.
Cherry Bekaert
NOVEMBER 29, 2023
Prepare for the 2023 tax season with our comprehensive tax planning checklist for individuals. Expert advice on life changes, investments, IRAs, and estate planning. Do you make charitable contributions? Do you receive income from a pass-through business? How will your income change in 2024?
Accounting Today
OCTOBER 25, 2023
In spite of the lack of new tax legislation so far this year, taxpayers and tax preparers have plenty to focus on in preparing 2023 returns.
CTP
NOVEMBER 2, 2023
As people plan for retirement, they rarely take into consideration the tax implications. What taxpayers may not realize is that the amount of retirement income that goes toward taxes can considerably lower the funds available to sustain the type of life they imagined for themselves. Invest for Income. Capital Gains Top-Up.
CTP
NOVEMBER 9, 2023
They will need to be aware of the difference between short-term capital gains (taxed at ordinary income tax rates) versus long-term capital gains (taxed at lower capital gains tax rates). Holding onto an investment for more than a year can pay off by reducing overall taxes.
MyIRSRelief
OCTOBER 11, 2024
Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.
Accounting Today
APRIL 15, 2024
The International Ethics Standards Board for Accountants has unveiled a set of ethical standards for business tax planning in response to complaints over tax avoidance by multinational companies.
CTP
OCTOBER 3, 2022
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. Will your client actually implement the plan and realize the savings?
Insightful Accountant
MAY 29, 2024
HSAs offer triple tax benefits: pretax contributions, untaxed earnings, and penalty-free withdrawals for medical expenses. Tax pros should be cautious of pitfalls in client tax planning with HSAs.
CTP
JUNE 21, 2024
An experienced tax planner will tell you that you can put together the best techniques, angles, and methods for creating a tax plan, but none of it will matter without implementation. Tax planners have several different options when it comes to implementing tax strategies. Step 2: Create a Plan for Implementation.
CTP
NOVEMBER 16, 2022
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. And according to the same research firm, the use of AI in the accounting and tax industry will likely grow more than 50 percent by the year 2030.
CTP
NOVEMBER 16, 2023
The American Institute of Certified Tax Planners (AICTP) offers a full-service solution to developing CAS in your firm focusing on the specialization of tax planning. AICTP provides a true roadmap for shifting your business model to support advisory centered client relationships through tax planning and value pricing.
CPA Practice
DECEMBER 10, 2023
While chestnuts crackle and we gear up for the annual tax preparation season, it becomes clear that the winter holidays bring more than just festivities and time off; they also mark the beginning of the tax preparation party. Tax preparation has its spotlight, tax planning follows a rhythmic beat … and tax advisory ?
CTP
AUGUST 11, 2022
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! I’ve even got the pictures to prove it! .
RogerRossmeisl
OCTOBER 28, 2020
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. The post Income Tax Planning as Part of Your Estate Plan appeared first on Roger Rossmeisl, CPA.
CPA Practice
AUGUST 1, 2024
TaxPlanIQ, a provider of tax planning software for tax and accounting firms, announced Thursday that its users have collectively saved their clients more than $1 billion in taxes since the software’s launch in 2020. These are now part of the growing suite of more than 125 planning strategies available in TaxPlanIQ.
GrowthForceBlog
NOVEMBER 30, 2023
7 min read No matter the size of your company, tax planning can be a major headache because the process can be complex and stressful.
ThomsonReuters
JANUARY 4, 2024
But where do you begin building your tax planning strategy? Tax planning strategy #1: Utilize short-term staffing solutions As tax season begins, firms in need of a short-term boost in headcount should consider outsourcing services to increase workload capacity. Partial outsourcing is also an option.
CTP
SEPTEMBER 16, 2022
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. MUCH more than an accountant merely reporting your taxes! UNDERSTANDING INCOME LIMITS.
CTP
JULY 16, 2024
As tax planner, you have frequent conversations with clients about possible tax strategies and strive to provide reliable advice in response to their questions. Having a system in place for promptly and clearly documenting your advice and the details of your tax plans is essential for a number of reasons: Managing Risk and Liabilities.
Withum
DECEMBER 7, 2023
Are you an athlete or part of a sporting organization looking to navigate the complex world of taxes? Join this on-demand webinar where Withum’s Professional Sports experts and Rocco Scarfone dive into the complex challenges associated with athletes and taxes. Residency rules for tax purposes.
CPA Practice
NOVEMBER 27, 2023
Corvee, a maker of tax planning technology for businesses and tax pros, has added Augusta Rule deduction filing guidelines into its Instead and Instead Pro tax planning systems. Instead and Instead Pro offer seamless Augusta Rule savings estimation to help plan, calculate, document and file a return.
CTP
JANUARY 9, 2023
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. The solution? Other controls can include….
CTP
JANUARY 9, 2023
If you are focused on learning, it could be how many classes you’re taking or how many hours per week you spend on developing your tax planning abilities. Another universally valuable number is how many tax plans you completed this month.
CTP
OCTOBER 17, 2022
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. The solution? Other controls can include….
CPA Practice
DECEMBER 21, 2023
As macroeconomic trends upend long-term planning, business cycles are turning over faster than ever. Recent tax changes coupled with the potential for an economic slowdown have made it even more critical for companies and individuals to make smart decisions on investments and financing. Prepare for public stock buyback tax.
ThomsonReuters
NOVEMBER 9, 2023
There is no doubt that tax professionals are hard to find, let alone replace. In an era of staffing shortages and scarcity of technical tax professionals , accounting firms must increasingly look outside the box to fill gaps in talent. Tax software powered by AI can automate manual activities, save time, and improve accuracy.
MyIRSRelief
SEPTEMBER 6, 2024
Navigating the complex world of taxes can be a daunting task for small business owners and self-employed individuals. The intricacies of tax laws, the constant updates, and the myriad of forms and deadlines can make tax season a stressful time. Get tax help today by calling us at 1-877-788-2937.
CTP
MARCH 9, 2022
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. Why is it impossible to do tax planning at the same time as you prepare a tax return?
CTP
AUGUST 18, 2022
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. A joint venture allows you as a tax planner to focus on your strengths by coming together with a business partner who is strong in areas where you may be weaker.
Shay CPA
NOVEMBER 29, 2023
It’s your year-end tax planning to-dos. Taking some time to get yourself sorted could mean thousands of dollars of savings between your startup’s income, payroll, sales, and foreign taxes. This applies to the 2023 tax year and is a huge dip from the $20,000 reporting threshold in previous years.
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