Month: October 2022

Eight Tax-Saving Ways to use Personal Goodwill

Selling your business may not be as profitable as you expect, especially if you have not taken the tax consequences into consideration. Business owners need to be prepared with a tax strategy before selling some or all of their shares or business assets. One lesser-known tactic for reducing these taxes is applying the concept of …

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Personal Goodwill as a Tax Strategy: 8 Scenarios Where Personal Goodwill can Reduce Taxation

When your client informs you that they intend to sell their business, they may be expecting to simply collect the profits and celebrate. The unfortunate news you will have to break to them is that the tax consequences can significantly reduce their proceeds—which is why they will need a tax strategy in place before moving …

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Five Tips to Avoiding the Tax Hazards of Renting to Relatives

If you have more than one home, renting one to a relative may appear at first glance to be a win/win. A son, daughter, cousin or old mother would take good care of the property, and you could help your relative by giving them a break on their rent. But you may not be aware …

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How to Increase Efficiency in Your Tax Planning Business

A key to business growth is finding ways to get more done with less effort. Small business owners are often juggling so many tasks that they struggle to stay focused on what is adding the most value to the business. In theory, you may know that you need to hire help, delegate tasks, and build …

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Creating the VIP Client Experience Through Automated Services

When it comes to creating a peaceful and profitable tax practice, there is ONE recipe for success that you can ALWAYS count on: automation!  Here’s the cold, hard truth: Client experience is what makes or breaks a tax practice. Without a thoughtful and efficient system in place, your clients may end up feeling confused, overwhelmed, …

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Why Tax Planners Need a Written Tax Plan

What if there was a straightforward way to improve profitability and reduce liability for your tax practice? Creating a written tax plan can separate the professionals from the amateurs. Anyone can come up with an idea and call it a tax plan. The real question is whether that idea will hold up under scrutiny. Will …

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