Category Archives: Strategic Guidance|Tax

What are the Tax Implications of Different Investment Types?

Investment Types

  Introduction: Investing is a powerful tool for wealth creation, but it’s crucial for investors to be aware of the tax implications associated with different investment types. Whether you’re a seasoned investor or just getting started, understanding how your investments may be taxed can significantly impact your overall financial strategy. Continue reading to explore the

Qualified Charitable IRA Distributions


As we approach the year-end tax planning season, it’s crucial to explore smart strategies that can both support charitable causes and provide tax advantages. We are lucky enough to have great group of clients that give year after year. One such strategy worth considering is the Qualified Charitable Distribution (QCD) from your Individual Retirement Account

All New: IRS Income Tax Brackets for 2024

Tax Brackets

As we usher in the year 2024, it’s time to familiarize ourselves with the changes in the tax landscape. Understanding the new tax brackets is crucial for individuals and businesses alike, as it directly impacts how much we contribute to the government’s coffers. In this blog post, we’ll look into the key highlights of the

How Can I Use Income Splitting to Pay Less Taxes???

Income Splitting

  Tax planning is an integral part of financial management One effective strategy to minimize your tax liability is income splitting. This process involves redistributing your earnings among family members in a way that leverages lower tax rates or takes advantage of tax credits available to certain individuals. In this blog you will learn about

The Augusta Tax Loophole: A Unique Opportunity for Tax Savings

  Introduction In the world of taxation and wealth management, there exists a little-known gem that could significantly benefit homeowners and small business owners alike: the Augusta Tax Loophole, also known as the Augusta Rule IRS exemption. Named after Section 280A(g) of the Internal Revenue Code, this loophole allows homeowners to exclude up to 14

Tax-Deductible Business Travel

Introduction Traveling for business purposes is an essential part of many start-ups and established businesses. Whether you’re attending conferences, meeting clients, or exploring new markets, these business trips often come with significant expenses. The good news is that many of these costs can be tax-deductible. You can help your company save money while expanding its

How to Handle IRS or other Tax Agency Notices

Receiving a notice from the Internal Revenue Service (IRS) or any other tax agency can be a stressful experience for most individuals. However, it’s essential to approach these notices calmly and systematically. Just because you have received a notice doesn’t mean you are in trouble. Understanding the Purpose of Tax Agency Notices Tax agency notices

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