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EthicsPro Tax Planning & Strategy

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EthicsPro Tax Planning & Strategy

Tax Planning & Strategy

03/22/2023

[WHITE PAPER] THE AUGUSTA TAX STRATEGY FOR TAX SAVINGS

Do you like to golf? Well, you are about to!

The Augusta Strategy, which is based on the most prestigious golf tournament of the year, can help save you thousands in taxes!

How? By simply renting your home. No sand traps required!

Read Full Article >> https://buff.ly/3JubYO0

03/01/2023

👋🏼 Hey there retirement savers and planners!

I've got some news for you: the 2022-2023 Appropriations Bill (also known as the Omnibus) was just released, and it includes a major overhaul called Secure 2.0.

This overhaul will bring some big changes to retirement savings and planning for both individuals and small businesses:

➡️ The retirement age is going up from 72 to 75 over a period of 10 years (but don't worry, this won't affect those already at or near retirement age)

➡️ Automatic enrollment of at least 3% in 401(k) and 403(b) plans for those not already saving for retirement (with the option to opt out)

➡️ Increased credit for small businesses offering certain retirement plans, up to $1,000 per employee

➡️ The ability to roll over unused 529 plans funds into Roth IRAs

➡️ The option to withdraw up to $1,000 per year for a qualifying emergency

Wondering how these changes might affect your retirement plans? No problem, I've got you covered. Book a time to go through your specific plan here.

02/15/2023

📊 Save On Taxes With The Right Entity Structure

⚠️ As a business owner, you know how important it is to save money. But did you know that one of the best ways to do so may be with the right entity structure? With the right entity structure, you can maximize your tax savings not just for this year, but for years to come. Let’s break down the different types of legal entities and how each one can benefit you.

🔗 Learn how to maximize your tax savings >> https://buff.ly/3YVUmRv

02/08/2023

Are you tired of feeling like you’re navigating tax laws with a blindfold on? Or worse, a blindfold made of tax codes?

We believe filing your taxes shouldn’t feel like you’re in the movie bird box.

We specialize in providing expert tax guidance for small business owners like you. With our help, you’ll be able to see clearly and make sure you’re not leaving any money on the table, or in the IRS’s pocket.We are not only experts in tax laws, but also in making the process less painful and more enjoyable.

So, don’t let taxes be a burden for you, let us lighten the load and bring some humor to the table.

Don’t wait: https://buff.ly/3fqx5FS

01/25/2023

📊 During Covid we took the opportunity to do some research. We found that most business owners think that their accountant, CPA, or tax preparer is saving them on taxes.

➡️ The fact is they aren’t.
➡️ They are just doing tax preparation.
➡️ They might check a few simple boxes while preparing your tax return but outside of that tax planning tax work.

🔵 Let’s look at why CPAs don’t tax plan and what role they can play in helping you manage your taxes. Learn More >> https://buff.ly/3JclvL6

12/28/2022

🎉 Happy New Year... Last Chance for Year-End Tax Savings 🎉

Time is of the essence, if you want to reduce your tax bill you must act immediately or you will overpay the IRS.

Contact me immediately and I’ll see if I still have time to put together a tax plan— however I need more information from your side.

I hope we can save thousands of dollars!

Let’s talk —> https://buff.ly/3fqx5FS

12/15/2022

There are 6 powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #6...

6. Deal with Your Qualified Improvement Property (QIP)

In the CARES Act, Congress finally fixed the qualified improvement property (QIP) error that it made when enacting the TCJA.

QIP is any improvement made by you to the interior portion of a building you own that is nonresidential real property (think office buildings, retail stores, and shopping centers)—if you place the improvement in service after the date you place the building in service.

The big deal: QIP is not real property that you depreciate over 39 years. QIP is 15-year property, eligible for immediate deduction using either 100 percent bonus depreciation or Section 179 expensing. To get the QIP deduction in 2022, you must place the QIP in service on or before December 31, 2022.

Planning note. If you have QIP property on an already filed 2019 return that you did not amend, it’s on that return as 39-year property. You need to fix that—and likely add some cash to your bank account because of the fix.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

12/13/2022

There are 6 powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #5...

5. Don’t Assume You Are Taking Too Many Deductions

If your business deductions exceed your business income, you have a tax loss for the year. With a few modifications to the loss, tax law calls this a “net operating loss,” or NOL.

If you are starting your business, you could very possibly have an NOL. You could have a loss year even with an ongoing, successful business.

You used to be able to carry back your NOL two years and get immediate tax refunds from prior years, but the Tax Cuts and Jobs Act (TCJA) eliminated this provision. Now, you can only carry your NOL forward, and it can only offset up to 80 percent of your taxable income in any one future year.

What does this all mean? Never stop documenting your deductions, and always claim all your rightful deductions. We have spoken with far too many business owners, especially new owners, who don’t claim all their deductions when those deductions would produce a tax loss.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

12/08/2022

There are 6️⃣ powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #4...

4️⃣ Use Your Credit Cards

If you are a single-member LLC or sole proprietor filing Schedule C for your business, the day you charge a purchase to your business or personal credit card is the day you deduct the expense. Therefore, as a Schedule C taxpayer, you should consider using your credit card for last-minute purchases of office supplies and other business necessities.

If you operate your business as a corporation, and if the corporation has a credit card in the corporate name, the same rule applies: the date of charge is the date of deduction for the corporation.

But suppose you operate your business as a corporation and are the personal owner of the credit card. In that case, the corporation must reimburse you if you want the corporation to realize the tax deduction, which happens on the reimbursement date. Thus, submit your expense report and have your corporation make its reimbursements to you before midnight on December 31.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

12/06/2022

There are 6️⃣ powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #3...

3️⃣ Buy Office Equipment

With bonus depreciation now at 100 percent along with increased limits for Section 179 expensing, buy your equipment or machinery and place it in service before December 31, and get a deduction for 100 percent of the cost in 2022.

Qualifying bonus depreciation and Section 179 purchases include new and used personal property such as machinery, equipment, computers, desks, chairs, and other furniture (and certain qualifying vehicles).

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

11/30/2022

There are 6️⃣ powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #2...

2️⃣ Stop Billing Customers, Clients, and Patients

Here is one rock-solid, straightforward strategy to reduce your taxable income for this year: stop billing your customers, clients, and patients until after December 31, 2022. (We assume here that you or your corporation is on a cash basis and operates on the calendar year.)

Customers, clients, and insurance companies generally don’t pay until billed. Not billing customers and clients is a time-tested tax-planning strategy that business owners have used successfully for years.

Example. Jake, a dentist, usually bills his patients and the insurance companies at the end of each week. This year, however, he sends no bills in December. Instead, he gathers up those bills and mails them the first week of January. Presto! He postponed paying taxes on his December 2022 income by moving that income to 2023.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

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