Category Archives: Advisory|Tax

Maximizing Your Year-End Finances: 5 Potential Tax Savings Strategies

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

The Tax Benefits of Charitable Donations

Charitable Donation

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

What is section 1202 stock and how does it apply to my business?

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

What is Double Taxation, and How Does it Apply to C-Corporations?

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

How do I know if my tax return is correct? 

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

Are there different types of CPA’s?

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

What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?

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

What is a Charitable Lead and Charitable Remainder Trust

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