As the year draws to a close, it’s not just the holiday season that’s on everyone’s minds; it’s also a critical time for financial planning. The good news is that ProActive Tax Planning can offer substantial benefits, helping you optimize your finances and potentially save on your tax bill. Here are five potential tax savings
Category Archives: Advisory|Tax
08
Nov
Nov
Introduction: Holiday season is fast approaching and many business owners make charitable donations. As a business owner, you understand the importance of supporting your community and giving back to causes that matter. What you might not fully realize is that charitable donations can offer significant tax benefits that can strengthen your business’s financial position while
19
Jul
Jul
As a business owner, it’s essential to stay informed about the various tax provisions that can impact your company’s growth and financial success. Section 1202 of the Internal Revenue Code, commonly known as the “qualified small business stock” is one of them. What is Section 1202 Stock? Section 1202 was introduced as part of the
05
Jul
Jul
How does it work when a C-Corporation has double taxation? When we say that a C-corporation is subject to double taxation, it refers to the fact that the corporation’s profits are taxed twice. Once at the corporate level and again at the individual shareholder level when the profits are distributed as a dividend. Here’s a
Advisory|Financial Reporting|Strategic Guidance, Advisory|Tax, Strategic Guidance|Tax
How do I know if my tax return is correct?
21
Jun
Jun
This is not a question that we hear often, but I want to address it because it has led to many people seeking our services and occasionally client frustrations. I would preface this with the fact that when you are signing your tax return or authorizing your CPA to electronically file your tax return, you
14
Jun
Jun
A Certified Public Accountant (CPA) who prepares tax returns and a CPA who focuses on tax planning have distinct roles and responsibilities. While both are knowledgeable in tax matters, their primary areas of expertise and the services they provide differs. CPA That Prepares Tax Returns A CPA who prepares tax returns is primarily focused on
Advisory|Tax, Strategic Guidance|Tax, Tax
What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?
31
May
May
What is the difference between an amended tax return and a net operating loss carryback? During recent years with the ever-changing tax laws and updates related to COVID we have seen a dramatic uptick in the number of clients filing amended tax returns and net operating loss (NOL) carryback claims. This post explains the difference
10
May
May
When does our business need to file income tax returns in other states? When a business operates in multiple states, it can be challenging to determine its state income tax obligations. One of the most critical concepts to understand is state income tax nexus. This refers to the connection or level of presence that a
22
Mar
Mar
This article is going to explore two different types of trusts that we utilize with our clients in planning for income taxes and estate taxes. These two trusts are the Charitable Remainder Trust and the Charitable Lead Trust. Both trusts are considered “split-interest” trusts because the assets of the trust, and the trust income, are
15
Mar
Mar
Background On Section 179 Section 179 allows you to depreciate certain assets fully in the first year that you purchase them. These deductions must be for business related assets such as vehicles, equipment, and software. Section 179 cannot help you create a loss so you must have the required net income to allow for the
