tax planning

Redefining Tax Strategy Beyond Retirement Savings: Unveiling the Full Potential of Tax Planning

By Dominique Molina, CPA MST CTS You’re in the business of tax planning, and you pride yourself on being the go-to expert for navigating the complex world of taxes. You’ve mastered the ins and outs of deductions, credits, and retirement plans, but there’s a common myth that might be narrowing your view: the idea that […]

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Ethical Issues in Tax Planning: Conflicts of Interest

What does it look like to operate ethically in the world of tax planning? Fortunately, the Office of Professional Responsibility (OPR) provides guidance on key ethical questions. Their primary resource, known as Circular 230, covers “Regulations Governing Practice before the Internal Revenue Service.” Depending on your status and credentials, adhering to Circular 230 may even

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Ethical Issues in Tax Planning: Unauthorized Practice of Law and Competence

Behaving ethically should be a personal goal for every tax professional—but it is also required by law. To help guide you, the Office of Professional Responsibility (OPR) publishes a document called Circular 230 that covers “Regulations Governing Practice before the Internal Revenue Service.” Certain professionals, such as enrolled agents (EAs) and Annual Filing Season Program

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Tax Planning for Partnerships: What Are the Requirements for Using Special Tax Allocations?

If you are working with business partnerships or entrepreneurs trying to decide on an entity type, be sure to introduce them to the tax benefits of establishing a partnership. As a pass-through entity, any income, losses, credits, and deductions from the partnership “pass through” to its partners who are taxed at personal income tax rates.

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AICTP’s Roadmap to Tax Planning: 10 Keys to Growing Your Accounting Advisory Services

The accounting landscape is changing rapidly. CPAs and EAs are rethinking their strategies for practice management while moving from compliance to advisory services. As firms look to provide more value to clients, many have introduced Client Advisory Services (CAS). It is one of the fastest growing segments in the profession. The American Institute of Certified

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Making the Most of Business Partnerships: How to Use Special Tax Allocations

Many entrepreneurs shy away from choosing a partnership as their entity type. A partnership is simply a formal agreement between two or more parties to manage a business together and share the profits. From a tax perspective, partnerships are often viewed as too complicated and can come with tax disadvantages when you have non-passive partners

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Tax Planning for Partnerships: What Are Special Tax Allocations?

Each type of business entity comes with its pros and cons. Entrepreneurs may be more aware of some of the downsides of launching a partnership, such as possible tax disadvantages for non-passive partners. However, a major benefit of setting a business up as a partnership is the option to leverage special tax allocations. Below is

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5 Critical Questions to Ask Your Accountant About Tax Planning BEFORE Tax Season

Do you feel that you pay too much in tax?  You’re not alone. The General Accounting Office estimates that Americans over-pay their taxes by almost a billion (yes, that’s billion) dollars each year! That’s why tax planning is gaining in popularity. Why do so many pay more than they have to?  Some obvious reasons are

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Tax Planning for Retirement Income: Implementing the Bucket Strategy

As you begin working with taxpayers to plan out their cash flow for retirement, you will want to advise them on the timing for withdrawing those funds. This is where the “bucket strategy” comes into play. The bucket strategy looks at four basic types of retirement income: For taxable non-retirement investments or brokerage accounts, taxpayers

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How to Be Tax-Efficient with Your Retirement Income: The Bucket Strategy

Planning for retirement also means planning for retirement income taxes. Creating a tax plan for retirement will ultimately allow you to spend less money on taxes and put more toward the lifestyle you want. A major benefit of working with a Certified Tax Planner is that you have an expert in your corner helping you

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