Tax Planning Archives - Page 6 of 7

Small Business Accountant for Your Business Growth

August 13, 2023September 28, 2022

Small Business Accounting We are a New York-based accounting firm that provides small business accounting services to clients in the New York metro area, all 50 U.S. states, and abroad. Through strategic tax planning, we help clients leverage the tax …

Summer Activities That Could Affect Your Tax Situation

July 5, 2022July 1, 2022

Although the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes:

Special Tax Benefits for Members of the Military

May 7, 2022May 3, 2022

Military personnel and their families face unique life challenges with their duties, expenses, and transitions. As such, military members may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.

What is the difference between Marginal and Effective Tax Rates?

October 6, 2021

Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look:

Small Businessman in Coffee Shop learning tips for financial success

Small Business: Tips for Ensuring Financial Success

November 1, 2021October 4, 2021

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not.

While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results. Every business owner knows you need to make numerous adjustments along the way. So, how do you handle the array of questions facing you? One way is through cost accounting.

Start Planning Now for Next Year’s Tax Return

August 15, 2021August 5, 2021

This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone.

Keeping Good Tax Records Is Essential

September 4, 2023August 2, 2021

An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips:

Portrait of a middle-aged man using his mobile phone for listening to Bob Russo's Realty Speak podcast: 1031 Like Kind Exchanges online through modern headphones at home

Realty Speak Real Estate Podcast: 1031 Like-Kind Exchanges

August 15, 2021July 28, 2021

Don’t miss this episode of the Realty Speak podcast, featuring Bob Russo!

Health Savings Account — HSA Limits Increase for 2022

January 11, 2022June 4, 2021

Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,650 for individuals with self-only coverage (up $50 from 2021) and $7,300 for family coverage (up $100 from 2021).

Beat the Unfair $10,000 SALT Cap with a C Corporation

August 15, 2021May 11, 2021

C corporations cause double taxation for business owners, so you probably think you want to avoid them at all costs.

And for many of you, this is true, as the S corporation often provides the lower overall tax outcome.

But for some of you, the C corporation could provide the best tax outcome, especially since you can bypass the $10,000 state and local tax (SALT) deduction cap, which was introduced by the Tax Cuts and Jobs Act (TCJA), with a C corporation.