tax planning

Tax Planning Myths

TAX PLANNING 101: Ideas for Reducing Taxable Income and Maximizing Tax Credits Part 2

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We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. So, if lowering your AGI is considered “above the line” deductions, are there then “below the line” […]

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How Joint Ventures Can Dramatically Grow Your Tax Planning Business

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For tax professionals in particular, one pro tip has the potential to alleviate stress and accelerate your business growth: that is to start a joint venture. A joint venture allows you as a tax planner to focus on your strengths by coming together with a business partner who is strong in areas where you may

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Ethical Considerations for Tax Professionals: Determining Fees

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Every tax professional needs to be conscious of how to manage their practice ethically. An important resource in this matter is Circular 230, a publication that regulates practice before the IRS for attorneys, CPAs, and enrolled agents. Even if these professionals have other ethical obligations as defined by their governing body or rules of conduct,

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Tax Planning Versus Preparation – What is the Difference? – Part 2

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By Dominique Molina, CPA MST CTS Tax planning is making shifts in a taxpayer’s financial and business situation, to minimize their tax burden both in the short term and over time.  This often requires working in advance, before the end of the year, to identify and evaluate solutions and implement them. We’ll discuss five of

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Tax Planning Versus Preparation – What is the Difference? – Part 1

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By Dominique Molina, CPA MST CTS Visit social media or google these days and you’ll most likely see advertisements for Tax Planning.  But many taxpayers (and even tax pros) are confused about the differences between tax planning and tax preparation.  In fact, the average taxpayer most likely believes they are already getting this service from

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Tax Planning for Retirement Plans: Roth IRAs and the Five-Year Rule

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Roth IRAs have become a popular option for flexible retirement planning. A benefit to this type of retirement account is the fact that contributions to a Roth IRA are always made with after-tax dollars. Because the contributions in a Roth IRA have already been taxed, withdrawals from that account are not taxable. Even if the

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Tax Planning for Retirement Plans: Understanding the Main Types of Retirement Accounts

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Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. Most retirement plan investment earnings are taxed at ordinary income tax rates—you receive an ordinary tax deduction for every contribution, and you pay ordinary income tax rates when you withdraw funds. However, certain types of retirement plans come with special

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Tax Planning for Retirement Plans: Weighing the Tax Consequences for Early Withdrawals

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When the need for emergency funds arises, many taxpayers may be tempted to turn to their retirement accounts. However, if the account holder has not reached full retirement age (FRA), withdrawing those funds early can result in a slew of tax penalties and other deductions. Before pulling retirement funds, taxpayers need to know the rules

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Tax Planning for Business Deals: What to Consider When Representing the Buyer

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As a tax advisor, you will need to employ different strategies when you are representing a buyer vs. seller in the sale of a company. Buyers and sellers tend to have diametrically opposed preferences, since what is advantageous for one is often disadvantageous for the other from a tax perspective. In this article, we’ll zero

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7 Tips From The NFL For Building Strategic Alliances

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Every year, before stepping foot on the field, every NFL team spends hours (yes, really) going over their playbook. Each team member studies and studies each play until they know every single one by heart. When the team huddles and the quarterback calls the play, every player immediately knows exactly where he’s supposed to be

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