As we approach the year-end tax planning season, it’s crucial to explore smart strategies that can both support charitable causes and provide tax advantages. We are lucky enough to have great group of clients that give year after year. One such strategy worth considering is the Qualified Charitable Distribution (QCD) from your Individual Retirement Account
Author Archives: Whittaker
As the year draws to a close, it’s not just the holiday season that’s on everyone’s minds; it’s also a critical time for financial planning. The good news is that ProActive Tax Planning can offer substantial benefits, helping you optimize your finances and potentially save on your tax bill. Here are five potential tax savings
15
Nov
Nov
As we usher in the year 2024, it’s time to familiarize ourselves with the changes in the tax landscape. Understanding the new tax brackets is crucial for individuals and businesses alike, as it directly impacts how much we contribute to the government’s coffers. In this blog post, we’ll look into the key highlights of the
08
Nov
Nov
Introduction: Holiday season is fast approaching and many business owners make charitable donations. As a business owner, you understand the importance of supporting your community and giving back to causes that matter. What you might not fully realize is that charitable donations can offer significant tax benefits that can strengthen your business’s financial position while
Advisory|Financial Reporting|Strategic Guidance
How to Turn Roadtrips into Tax Deductions for Your Motorhome
01
Nov
Nov
Owning a motorhome or recreational vehicle (RV) can be a ticket to adventure and the freedom to explore the open road. But did you know that it can also provide you with some valuable tax deductions? In this blog post, we’ll dive into the intricate world of tax deductions for motorhomes and RVs. We will
25
Oct
Oct
Tax planning is an integral part of financial management One effective strategy to minimize your tax liability is income splitting. This process involves redistributing your earnings among family members in a way that leverages lower tax rates or takes advantage of tax credits available to certain individuals. In this blog you will learn about
Advisory|Financial Reporting|Strategic Guidance, Uncategorized
Family Business: How to Navigate Compensation
18
Oct
Oct
Introduction Family businesses are the backbone of economies worldwide, representing a significant portion of global enterprises. However, one of the most challenging aspects of running a family business is managing compensation, as it often involves the intersection of professional performance and familial dynamics. In this blog post, we’ll explore the complexities of compensation in family
11
Oct
Oct
Introduction In the world of taxation and wealth management, there exists a little-known gem that could significantly benefit homeowners and small business owners alike: the Augusta Tax Loophole, also known as the Augusta Rule IRS exemption. Named after Section 280A(g) of the Internal Revenue Code, this loophole allows homeowners to exclude up to 14
Advisory|Financial Reporting|Strategic Guidance
The Key to Success: Understanding Your Financial Statements
04
Oct
Oct
Introduction Do you feel like your financial statements are just a bunch of lines of words and numbers with no meaning? This is something very common for most business owners since they never had the opportunity to learn. Well these confusing words and numbers can actually tell a story about your business and can be
Advisory|Financial Reporting|Strategic Guidance
Rental Property Repairs Vs. Improvements: A Tax Perspective
27
Sep
Sep
Introduction Investing in rental property can be a lucrative venture, but it comes with its fair share of responsibilities and financial considerations. One crucial aspect of managing rental property is understanding the difference between repairs and improvements and how these distinctions can impact your taxes. In this post, we will dive into the world of