Taking an early withdrawal from your retirement account is a tempting idea. Regardless of your reasons, understanding the ramifications of early withdrawals from retirement accounts will help you make the best decision for your situation. Before making early withdrawals, consider the following:
The Dos and Don'ts of IRS Audits
Economic Impact and Stimulus Payments : What Everyone Needs to Know
This extra long edition has two parts, one about what to do with the Stimulus or Economic Impact Payments, and the other is about tax-related laws and updates to help with tax planning for the rest of 2020. You can read Part II here.
Are you buckled down?
Economic Impact and Stimulus Payments : What Business Owners / Self-Employed / Independent Contractors need to know
This extra long edition has two parts, one about what to do with the Stimulus or Economic Impact Payments, and the other is about tax-related laws and updates to help with tax planning for the rest of 2020. You can read Part I here.
Are you buckled down?
CARES Acts & Other Help On The Way
To our esteemed clients and partners,
In this fast-changing situation, I hope you are constant in keeping you and family safe by taking precautions and social distancing.
Recently I communicated the tax extensions granted by Federal and state government. This week I like to provide some resources for you, or someone you know who are coping with the interruption.
6 Ways to Tame Your Capital Gains Tax Bite
A cornerstone of smart tax planning is year-round management of your property sales and purchases. And a key component of this activity is knowing that the resulting sale of a home, stock or collectible creates a taxable gain or loss with varying tax implications. The savvy taxpayer understands that the correct capital gain approach can save plenty of money. Here are six capital gain tax-cutting opportunities to consider throughout the year:
Losses that Offer Tax Savings
Capital loss, casualty loss, net operating loss — a loss by any name causes a financial setback. It's something no one likes to think about, much less experience. But if you do suffer a loss, tax laws may provide a measure of relief in the form of a refund or lower taxable income. Here are examples of common losses you may experience, along with possible tax savings
6 Tips to Great Credit Score
Once viewed as a necessity when applying for a mortgage, credit score now factors into various aspects of life - renting an apartment or office, paying for utilities, buying a cell phone, the amount you pay for insurances, and employment decision.
“So what?” you ask.
We can see now businesses are interrupted, a variety of lending solutions will quickly, if not already, surface to help support employees, freelancers, business owners during this time.
I Owe Tax On That? 5 Surprising Taxable Items
Is Your Retirement Nest Egg Tax Free? - A New Approach to Evaluating Your Exposure
Given tax is one of the two certainties in life, you may want a new way to approach the tax obligations surrounding your retirement. So how do you increase the value of your retirement income? By lowering your tax bite. Check our BayCPAPlus ‘Three Bucket’ approach to maximizing your retirement nest egg with a proactive retirement tax strategy.
Which Business Entity Allows Less Taxes?
When you have your annual tax returns sit in front of you, have you considered which types of taxes you can optimize?
Do you know your business structure impacts your bottom line?
Outside of legal considerations for asset protection, or financial consideration for fund-raising, what you want the business to do determines the best tax strategy for it.
Monitor Inventory for Cash Flow
The number one cause of business failure is poor cash flow management. Here are BayCPAPlus tips to help you master this business fundamental.
Skillful inventory management is often one of the biggest factors in maintaining positive cash flow. Consider these techniques for controlling your company’s inventory to improve your cash flow position
Small Tax Changes for Big Differences in Retirement Savings
5 'Must Haves' Checklist for Tax Preparation
Personal tax filing underway is from now to April 15th , extended to October 15th if you file proper paperwork. Today is a great time to check off what you have received from other people, banks and institutions. So, to help you maximize your tax savings this year and get proactive with your tax strategy, here’s our BayCPAPlus essential checklist to organize your records before going to your favorite CPA’s office.
Business owners take note - if you’re organized as a partnership or LLC or S-corp, the deadline for filing the business returns is March 16th. Calendar-year C corporation tax returns are due by April 15. Six-month extensions can be requested as in personal tax filing
Cash-handling Rules to Protect Your Business
Cash theft ranks as one of the most common frauds perpetrated on small businesses, according to a 2018 report by the Association of Certified Fraud Examiners (ACFE). To ensure your business is protected from theft, develop and implement a strong cash-handling policy. Here are some ideas to help create a working policy to protect your cash.