November 2023

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

B2C, Blog, Business Strategies, Offsetting Losses /

One of the hidden benefits of setting up your business as a partnership is the ability to use special tax allocations. Because a partnership is a pass-through entity, income, losses, credits, and deductions “pass through” to the business owners who are taxed at personal income tax rates. Special tax allocations allow the partnership to distribute

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

B2B, Blog, Business Strategies, Offsetting Losses /

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

B2B, Blog, Business Strategies, Marketing Your 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

B2C, Blog, Business Strategies, Offsetting Losses /

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?

B2B, Blog, Business Strategies, Offsetting Losses /

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

B2C, Blog, Featured, Individual Strategies /

Why do so many pay more than they have to?  Some obvious reasons are mistakes or oversights on their tax returns. But another problem is that the accounting industry is not trained how to LOOK FOR NEW ways to reduce your taxes that you have not yet taken advantage of. Not all tax planning is

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Tax Planning for Retirement Income: Implementing the Bucket Strategy

B2B, Blog, Individual Strategies, Investments /

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

B2C, Blog, Individual Strategies, Investments /

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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Tax Planning for Retirement Income: Strategies for Generating Cash

B2B, Blog, Individual Strategies, Investments /

As people plan for retirement, they rarely take into consideration the tax implications. What taxpayers may not realize is that the amount of retirement income that goes toward taxes can considerably lower the funds available to sustain the type of life they imagined for themselves. This is where offering your assistance as a Certified Tax

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How to Be Tax-Efficient with Your Retirement Income: Plans for Generating Cash

B2C, Blog, Individual Strategies, Investments /

As people explore their options for retirement income, they don’t always take into consideration the tax implications. The percentage of your retirement income that gets redistributed to taxes could considerably impact your quality of life during retirement—if you don’t have a plan in place. Formulating a tax plan for retirement allows your funds to stretch

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