As a real estate investor, your tax saving strategies may depend on how you are holding those properties. Do you own the property as an individual? Are you holding it in a C corporation or S corporation? Or do you have a partnership where the partners are making different financial contributions to purchase a property? […]
So you want to get into real estate investing? The good news is you don’t need to be a pro to get started. Opportunities abound for new investors looking to get experience and work toward increasing their wealth. You don’t need to be a millionaire to take advantage of these investments. You just need some
How to Save Taxes on Your Real Estate Investment: When REIT is the Right Choice Read More »
Sports fans know that team loyalties run deep. Committed supporters of college and even high school sports teams now have even more opportunities to make major investments in up-and-coming athletes. In 2021, student athletes were granted licensing rights for the first time, allowing them to earn income on the use of their “name, image, and
Investing in the Home Team: How NIL Collectives Can Maximize Tax Savings Read More »
Most student athletes dream of taking home the championship trophy or being drafted onto a professional team. Whether or not this is what their future holds, athletes on well-loved college and even high school sports teams can build a career here and now—thanks to something called “name, image, and likeness” (NIL) rights. A pivotal 2021
Investing in the Home Team: How Tax Planning Can Help Student Athletes Read More »
One of the many roles we play as tax planners is as the taxpayer’s audit support system. Just the word “audit” can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they
Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101 Read More »
When that IRS audit notice shows up in the mail, many taxpayers’ first reaction is to panic. For well-trained tax planners, however, this can be our moment to shine—and to demonstrate to our clients the immense value that we bring to the table. Many taxpayers don’t realize that a number of tax returns are chosen
Established, wealthy families have long leveraged the concept of a “family office” to preserve their wealth, ensure business succession, establish governance and control, and foster their family legacy. This type of specialized company has been gaining popularity—and many of them have been on the lookout for a tax planner to complete their financial advisory teams.
If you own a business, especially if that business has been successful and you intend to pass down ownership of that business to your children, you may want to familiarize yourself with the concept of a family office. A family office is a specialized company that’s focused on managing the wealth and the personal affairs
What is a Family Office? The Pros and Cons Read More »
In recent years, tax planners have increasingly been recruited to work alongside family offices. If you’ve heard about this trend or received an invitation yourself, you may be wondering what exactly working with a family office would entail. First, let’s start with a simple definition of a family office: A family office is a specialized
Should Tax Planners Work with Family Offices? How Family Offices Work Read More »
Client Advisory Services (CAS) have emerged as a crucial offering for accounting firms, evolving the traditional client-accountant relationship into a more strategic partnership. Defined by the AICPA as services where practitioners provide findings, conclusions, and recommendations to aid in client decision-making, CAS encompasses far more than mere compliance. It offers a new, broader approach to
Tax Planning as a Client Advisory Service Read More »