Tax Planning for Business Owners

What is business tax planning? When starting a business, you must consider a number of tax-related issues. Although business tax planning is a complicated area, it is essential to understand three major topics: tax consequences when the business is formed, tax consequences when the business generates income or loss, and tax consequences of business distributions. Additionally, you may wish to consider whether your chosen form of business will offer you…  Read more

Income Splitting and Income Shifting: Tax Planning for the Self-Employed

What is income splitting? Income splitting (also known as income shifting) may be defined as dividing income in a way that lowers overall taxes. Typically, income is shifted from higher bracket taxpayers to lower ones. Although there are a number of ways to accomplish this shifting of income, family businesses provide fertile grounds for taking advantage of this tool. One method of income splitting is to hire family members to…  Read more

Tax Planning for Marriage and Divorce

What is tax planning for marriage and divorce? If you’re married or considering a divorce, you should be aware of the income tax ramifications of the financial decisions you’ll be making. Regarding marriage, you should be knowledgeable about selecting a filing status for tax purposes (and the concept of the marriage penalty). In addition, you should be aware of the concepts of innocent spouse and injured spouse relief. Finally, you…  Read more

2018 Tax Season Begins January 29, 2018

January 8, 2018 – E-file Open *ONLY* for 2015 and 2016 Prior Year Business Tax Returns January 29, 2018 – Start of IRS Tax Season: First Day to Transmit Individual and Business Tax Year 2017 Returns  **Certain tax credits will delay refunds until late February** April 17, 2018 – Tax Deadline – Last Day to File Timely Without an Extension Read Full Article Here – 2018 Tax Filing Season Begins…  Read more

Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four more ways to…  Read more

How Today’s Tax Season is Different Than Five Years Ago

PRACTICE MANAGEMENT November 6, 2017 / Jeff Wilson II, CPA/PFS, CGMA, CFE, AFC As we enter the latest “technology revolution” and our team holds its strategic planning sessions for tax year 2017, I can’t help but think about how it used to be – “the good old days” of income tax preparation …. Tax season and preparation have changed since my tax practice started in 2012, and it probably isn’t done yet.…  Read more

Worthwhile Expenses for Entrepreneurs

Being an entrepreneur is often about getting the most value out of your resources. That means spending only on the necessities, and nothing more. Unfortunately, things you consider to be a waste of your capital may actually be what your start-up needs to survive. Some of them are expensive, especially for a new company, but they’re worthwhile. Data Analysis Successful entrepreneurs are usually well informed. They don’t make decisions solely…  Read more

Investment Basics – Understanding Your Gains And Losses

When you’re reviewing your investments, it’s important to remember that income and returns come from two main sources, Capital Gains and Interim Income. Capital gain (or loss) This is the difference in the overall value of your investment between when you purchased it and now (or the date that you sold it.) You can work it out as: ((Current or sale price per unit – purchase price) * number of…  Read more

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