A Roth conversion is a tax strategy that involves moving investments from a traditional IRA to a Roth IRA. With a traditional IRA, your contributions are made with pre-tax dollars. A Roth IRA, however, allows you to make post-tax contributions which may help you pay a lower amount of tax overall, especially if your investment …
When searching for a tax professional, it’s important to know what exactly you’re looking for. From CPA, to Tax Preparer, to Tax Strategist— there are a variety of roles that work together to aid in your personal and business tax needs. Knowing what separates these professions can help you find a tax strategy team you …
An audit by the IRS usually involves verifying that your tax returns are correct. It is routine in most cases but having IRS agents comb through your finances can still be worrying. The IRS announced in late 2020 that it is hiring new auditors as it plans to increase audits by at least 50%. Consequently, …
Any time you can earn tax-free income, and at the same time claim a tax deduction for your business, that should put a smile on your face. And you can do it each and every year, several times a year in fact, with a little-known tax break called the Augusta Rule. Folks who live near …
Since his inauguration, President Joe Biden’s administration has moved forward on three key elements of his Build Back Better program, also known as the American Families Plan, which is funded through proposed changes to the tax law. As a result, many Americans are questioning what changes, if any, they can expect to see on their …
Cost segregation is a powerful way to cut your tax liability and boost your personal or business cash flow. If you have purchased or remodeled any residential rental or business real estate property in the recent past, or you’re planning to, you’ll want to consider a cost segregation study to find ways to minimize your …
The travel industry – both for business and leisure – saw a dramatic downturn in 2020. As the U.S. begins to re-open, Americans are ready to make up for lost time and travel again! The U.S. Travel Association forecast that total travel spending in the U.S. was down 45.2% over 2019, but anticipates it to …
To help ease the financial burdens brought about by the COVID-19 pandemic, the Federal Government and Treasury extended the 2020 federal income tax deadline from April 15, 2021, to May 17, 2021. The extension, which is automatic and applies to all individual filings and payments, means that you have until May 17, 2021, to pay …
His name is Robert, and he’s eight years old. He dreams of changing the world in some profound way. Even though he bears your name, you’re never going to meet him. You love him and want the best for him. He’s your great-great-great-grandson. With the right tax-saving strategy and a legacy planning mindset, you can give Robert …
What is your business really worth? The process of how to properly place the best value on your business and determine what it could potentially sell for is a critically important skill for every business owner. Business valuation is the process of determining the worth of your business. And as straightforward as that sounds, it …
