Nov 01 5 Business Tax Planning Ideas To Ask Your CPA About Before Year-End If your CPA has not approached you yet about year-end tax planning, you may have to approach them to get the ball rolling. Here are 5 tax planning ideas to bring up that could save you some money… -New 20% deduction – many businesses will qualify, but many won’t. This is especially true for service […] Read more
Oct 22 Do You Have a “Qualified Business” for the Angel Investor Tax Credit? In 2013, South Carolina passed the High Growth Small Business Job Creation Act, otherwise known as the Angel Investor Act. This Act allows angel investors a South Carolina state tax credit on up to 35% of its qualified investment in a “qualified business.” From an investor standpoint this is a great deal…and it is a […] Read more
Oct 08 You May Now Get The Lucrative 20% Pass-Through Tax Deduction Under the Trump Tax Law, certain service businesses were excluded from the new 20% Pass-Through Deduction. More specifically, businesses that make more than a certain amount of income, and were in the following fields: health, law, accounting, actuarial science, brokerage, financial services, performing arts, athletics, consultants, AND any other trade or business where the principal […] Read more
Oct 05 Uncovering Customer Needs & Wants When you are in business, it’s understandable that you want to make sales. You have to make sales to make a profit and pay your employees, overhead, etc. Most customers, when they come to you, have certain needs. In our case, it might be a tax return or accounting, or an audit, for example. And […] Read more
Sep 30 The Foundation for Effective Tax and Business Planning is… If you are a business owner, there is one basic thing that is essential for effective tax and business planning. Is it some crazy secret only us CPA’s know about? Are you ready for it? It’s good Accounting (or Bookkeeping, Recordkeeping, or whatever you want to call it)! Is this a secret? No… Is it […] Read more
Sep 27 Own Commercial Real Estate? Write it Off Faster with Cost Segregation… Have you heard of a cost segregation analysis? This tax planning idea can save you a lot of money. Tax planning is all about ideas, being creative, and seeing how all the puzzle pieces fit. And a cost segregation analysis can be one of those ideas to have in your arsenal. Let me give you […] Read more
Sep 23 The Trap Most People Fall Into With Income Tax Planning Let’s face it, most income tax planning comes down to timing. There are few ways to permanently get rid of income taxes, unless you simply don’t make any money. I love lowering my taxes as much as possible just like everyone else, but if my strategy is to make less money just to pay less […] Read more
Sep 21 Try Listening for a Change I got an email this morning that was so frustrating. Let me give you some context. My payroll company also handles our company 401(k). My annual Form 5500 is due, so they sent me an email with the instructions to login and submit the pre-populated Form 5500. Easy enough, right? I went in to file […] Read more
Sep 19 How to Pay Less State Taxes with State Tax Credits Are you aware that you can pay less state taxes than you currently are by using state tax credits? I meet with a lot of people – business owners and non-business owners, and I would say that 95% of them had no idea that they could take advantage of this opportunity. And it’s pretty simple […] Read more
Sep 16 Opportunity Zone Funds – A Legal Way to Pay No Capital Gains Taxes? The Trump Tax Law created a new type of investment vehicle called an Opportunity Zone Fund. An Opportunity Zone is an economically distressed community that is designated as such by a state, and then certified by the Secretary of the US Treasury. The purpose of these Funds is to spur economic development and job creation […] Read more