Category Archives: Strategic Guidance|Tax

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

Introduction: Navigating the complexities of taxation can be daunting for individuals and businesses alike. Whether you’re facing tax filing deadlines, planning for the future, or dealing with IRS audits, having expert guidance can make all the difference. In this blog post, we’ll explore the role of a tax consultant. We will cover how they can

  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

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