Category Archives: Strategic Guidance|Tax

Waiting until tax season to think about your tax strategy is a costly mistake. By then, most opportunities to reduce your tax bill have already passed. The smartest business owners take action before December 31, using year-end tax planning to keep more of their hard-earned money. Why Waiting Until Tax Season is a Mistake Many

Choosing the right legal entity is vital for building lasting wealth. Your business structure shapes taxes, liability, compliance, and growth potential. Matching your choice to your profit and long-term goals helps protect assets and boost net income. 1. C-Corporation: Growth Focus with Double Taxation (California) A C-Corp is a separate legal entity with strong liability

In today’s evolving business environment, regulatory compliance is more than a legal requirement, it’s a wealth protection strategy every business must prioritize. Failing to stay compliant not only exposes your company to penalties, it also puts your financial health and reputation at risk. Why Compliance Is a Strategic Financial Move Regulatory compliance ensures your business

Tax planning shouldn’t be a last-minute scramble. In fact, if you give us a call a month before the deadline there is nothing we can do. Businesses that prioritize year round tax strategy reduce their tax burden and unlock critical capital for reinvestment. At Whittaker CPAs, we help clients shift from reactive filing to proactive

What does it mean to write something off? For business owners, “writing something off” means deducting an expense from your taxable income. This lowers the amount of income you are taxed on, ultimately reducing your tax liability. To be deductible, an expense must be ordinary (common in your industry) and necessary (helpful for running your

For high-income earners, tax planning is essential to minimize liabilities, protect wealth, and maximize after-tax income. With potential tax law changes on the horizon and the scheduled expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of 2025, now is the time to take proactive steps to optimize your tax strategy.

2025 IRA Contribution Limits: What You Need to Know As we head into 2025, the IRS has released the updated contribution limits for Individual Retirement Accounts (IRAs). Whether you’re planning for retirement with a traditional IRA or a Roth IRA, understanding these limits can help you maximize your tax advantages and grow your savings more

Maximizing Your Tax Savings: Understanding the Qualified Business Income (QBI) Deduction If you’re a business owner or self-employed individual, there’s a valuable tax break you may be eligible for the Qualified Business Income (QBI) deduction. This deduction was introduced under the Tax Cuts and Jobs Act of 2017. The QBI deduction allows eligible taxpayers to

Navigating the complexities of business taxes can be daunting, but ProActive Tax Planning can significantly reduce your tax burden. Every year we have people asking how they can lower their tax bill. The NUMBER ONE THING you can do is plan ahead. This is how you can actually reduce your tax bill because there are