Some small businesses develop gradually, transforming from a part-time hobby to a full-time operation. Others go from zero to a hundred in just a few weeks, as entrepreneurs turn ideas into profitable enterprises, seemingly overnight. In either case, it’s easy to overlook certain details, such as how the business is structured. After all, there are more pressing concerns in bringing a product or service to market. Certainly, it is possible to run a business without making a deliberate decision … [Read more...] about How Your Choice of Business Entity Benefits Your Bottom Line
Grow Your Wealth with Tax-Advantaged Income
When it comes to minimizing taxes, most people focus their efforts on maximizing deductions. They look for opportunities to reduce their taxable income by taking advantage of tax laws that allow a wide variety of expenses to be claimed as costs of doing business. This technique is a critical component of your comprehensive tax strategy, but it isn’t the only opportunity to bring your tax bill down. Think bigger, by looking for ways to shift current income or generate new income that enjoys … [Read more...] about Grow Your Wealth with Tax-Advantaged Income
Winning the Battle to Protect Your Wealth from Taxes
You can do everything right when it comes to building your wealth: introduce innovative products and services, work hard to achieve your financial goals, and make smart investments to ensure your money grows. However, it’s easy to lose a large amount to taxes if you don’t take steps to protect your hard-earned money. The good news is that with careful planning, you can reduce your tax liability significantly. Making full use of tax-advantaged programs prevents your earnings from being chipped … [Read more...] about Winning the Battle to Protect Your Wealth from Taxes
Your Map Through the Tax Maze
Getting through the twists and turns of the tax maze can be a challenge. It gets even more complicated when your goal is to minimize the amount you pay. Fortunately, with a little planning, you can bring your bill down, so that you can put more of your money to work building wealth. Certified Tax Coaches (CTC) offers these tips for making tax time less painful. Assemble Your Team No matter how financially-savvy you are, there are significant benefits to building a team of expert guides to help … [Read more...] about Your Map Through the Tax Maze
Advanced W-4 Tax Planning Methods
Withholding taxes are very important to the federal government. Payroll taxes account for over a third of all federal revenue. These taxes are even more important to American families. Many families do not prepay estimated taxes. Since they only pay withholding taxes, a good W-4 withholding plan is essential. Otherwise, a family could have a very big tax refund or a very big tax bill in the spring. Typically, it’s a good idea to avoid either outcome and work toward tax balance (no refund and no … [Read more...] about Advanced W-4 Tax Planning Methods
Finding the Right Accountant to Successfully Guide You Through the Tax Maze
Choosing an Accountant Who Puts Your Goals First There is an endless supply of do-it-yourself tax preparation tools and websites, and the sheer volume of options can lead you to believe the process of filing your returns is simple. However, a DIY approach only works if you are satisfied with paying more than necessary. Tax preparation software handles all of the basics, importing income and considering common tax deductions. Unfortunately, when it comes to careful application of less-common … [Read more...] about Finding the Right Accountant to Successfully Guide You Through the Tax Maze