How to Capture the Opportunities to Reduce Your TaxesBookkeeping is a fantastic and powerful tool when it comes to reducing your taxes. Remember, our taxes are impacted any time we receive or pay money.
Every Day is an Opportunity to Reduce Your TaxesThe items you purchase may be business deductions! Keep in mind that in order for an item to be deductible in your business it must have a business purpose and be ordinary and necessary in your business.
More Year-End Checklist Items for Business Owners and InvestorsTax planning that creates permanent tax savings by eliminating tax is my absolute favorite type of tax planning. The home office deduction is another great example of this.
Year-End Tax Planning Tips You May Want to AvoidThe best plan of attack is to identify tax saving strategies that work with your personal goals, your business goals and your financial goals for the long-term.
Applying the New Tax Law to Your TaxesWith the end of the year just around the corner, the new law may provide you with additional tax saving opportunities. In this report, I'll share the 2 most popular tax breaks in the new law and how they apply to your taxes.
Year-End Checklist for Rental Real EstateReal estate is also one of the most complex areas of the tax law. This makes it easy to overlook important steps, which can lead to missing out on tremendous tax savings.
Deducting Your Seminar ExpensesThis is an area of the tax law that is a prime example of how increasing your knowledge, can decrease your risk. In this case, it can decrease the risk of overpaying your taxes and decrease the risk of having to pay more tax (and penalties and interest) if you are audited.
Why Having No Estate Tax May Not Be a Good ThingI would ask myself why my estate isn't big enough to be taxable. I would wonder why the wealth I've created is so small that the government isn't even interested in taxing it.
2 More Reasons for Estate PlanningYou've probably heard a lot about the probate process, but have you ever heard anything good about it? Most probate stories are nightmare stories. Probate can be expensive, it's a public process and it can be contested.
3 Ways Partnerships Give Your Tax Strategy Maximum FlexibilityWhen the business starts, the owners have a profit sharing structure in mind, let's say it's 50/50. Then, a few years down the road, the owners have a need to change their profit sharing structure - maybe their roles have changed or perhaps one wants to work less.
An Opportunity to Convert to a Roth IRA in 20102009 is the Time to Start Your Planning If you plan on converting, then now is the time to start planning because your 2009 tax planning may look a little different. For example, you may want to defer deductions until 2010 and accelerate income into 2009 to avoid being pushed into higher brackets in 2010, 2011 or 2012 from large conversion income.
3 Ideas for Business Financing in a Tough MarketThe form of leverage most people are familiar with is a loan, which is a way to leverage your assets. Leverage in this case may be a mortgage on a piece of property or a line of credit in your business.
The Benefits of Setting Financial GoalsIf you don't know how much you are saving or when you will be able to retire, it's time to look at the benefits of setting financial goals. It's important to look at what your future plans are, how much you can contribute to them, and how you plan to manage and grow your wealth.
The 2 Questions Every Business Owner Needs to Know How to AnswerLeverage in a business comes from many sources. But the most important source is the business systems. The first key to building a profitable and valuable business is to create the proper systems to run the business. Then, the owner can spend his or her time managing the systems instead of managing the people.
The Basics of State Tax PlanningThe first step to turning your state tax exposure into state tax opportunity is to identify the states you or your entities may be required to file state tax returns.
3 Tax Planning Tips for S CorporationsRecent IRS statistics say that S corporations represent the most popular form of small business corporation. That's understandable. S corporations provide some powerful tax savings benefits for small business owners and investors.
Your 15-point tax-return checklistIt's time to start thinking about getting those taxes done. Maybe you're in a panic. Not to worry. Just follow Tom's 15 steps to getting your taxes done, and you'll be much happier. Ready?
How to Use Reporting to Accelerate Your WealthReporting is summarizing activity in a clear and concise format. When done correctly, reporting is a helpful and meaningful tool that helps you make timely business and investing decisions. Now, be honest. Some of you saw the word reporting and immediately began trying to convince yourself you don't really need it. I find that most people avoid reporting, even though reporting can help them accelerate their wealth!
Why More and More People Are Forced to Pay More TaxesLet me start with an overview of the Alternative Minimum Tax (AMT). AMT is a system of tax laws that parallels the regular tax laws. It has its own rates, its own exemption and its own deductions. Every individual must compute their tax every year under both the AMT and the regular tax rules. The individual then pays the higher of the two taxes.
The 3 Big Limitations with Itemized DeductionsThe current itemized deduction calculation is so complex that it can be difficult to identify just how big the limitations already are. To help quantify the current limitation on itemized deductions, I'll review the 3 big limitations with itemized deductions.
Exploding the Myths of Financial Health in a RecessionThe hot topic on everyone's mind right now, including radio, television and print media is how to cope with the current recession. The worst advice possible in recessionary times, or any other time, for that matter are what a lot of the analysts and talking heads are recommending today, which is businesses and investors pull back, reduce their expenditures, create a budget and save their money.
3 Questions to Evaluate the Internal Controls in Your Business and InvestingA wealth protection tool that I rarely see business owners or investors use, yet it is quite possibly the most effective tool against internal threats - specifically embezzlement. This form of protection is a system of internal controls.
Tax Saving Entity StructuresIn a perfect world, the tax preparer would have asked the right questions to learn more about Pierre's goals and situation and would have translated 'confusing accountant talk' into something clear and understandable. In general, S Corporations are good entities for businesses. But, they can be terrible when there are losses, and losses are common when a business first begins.
Why You Must Change Your Mindset Before You Can Reduce Your TaxesThe number one reason given for the erroneous overpayment of taxes was the complexity of the tax code. This plays right into molding the mindset that taxes are just too complicated to even try to understand.
Reducing Your IRS Audit RiskAccuracy in a tax return simply means that the information provided by the client was reflected on the tax return. It does not mean that the tax return was prepared in the BEST way it could have been prepared. In fact, I RARELY see a tax return from a new client that was prepared the way we would prepare it at ProVision.
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