With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year-end.
There is nothing more fulfilling than to help others by giving. If you are like most people who donate, it is important that you are not only charitable but also wise. The Internal Revenue Service (IRS) gives anyone a tax break for providing donations to qualified charities. And so, if you give, then you shall also receive something back in the form of a taxable income—effectively lowering your tax bill.
Do you have a strategic plan for your business?
“Measure twice, cut once” is a common saying among construction professionals. You know the value of looking before you leap, of thinking ahead and of taking extra care. You know it saves you time, money and mistakes.
Strategic planning is another way of measuring twice before cutting once. It’s a way of considering factors that can affect outcomes. Yet, many people in construction (and in business overall) fail to take the time to practice good strategic planning. They’ll say, “We’re too small,” or “So many factors are uncontrollable, so what’s the point?” Read More
Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals to act in a manner that’s inconsistent with the interests of shareholders. That’s why auditors take pains to identify and properly address related-party transactions.
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year is the perfect time to stop for a breather. A midyear review can help you and your management team determine which objectives are still “meetable” and which ones may need tweaking or perhaps even elimination.
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Read More
Establishing your own business presence in the United States can be tough especially if you are a non-resident. Aside from exploring an entirely new market and environment, there are also various things that you need to do in order to launch your business on foreign soil. There is no hard and fast rule to become successful in the United States. But, one of the most effective strategies that you can do is establishing a close relationship with a local executive who is also interested in your business.
Navigating the US tax system can be a daunting task especially if you are not a citizen of the United States. Whether you are a resident in the US or an expat working in the US, it is important to know how the tax system works. Failure to understand the specific tax codes can lead to problems such as paying more in taxes and running into issues with the IRS.
When it comes to taxes, everything should be accounted for–from income to investments. If you own foreign financial assets, it is important that you declare your accounts on your taxes. Under the tax code, financial assets include any financial account that you have maintained by a foreign financial institution. It can be a stock, securities, or any financial tools that are not from the United States.
Every business experiences occasional cash shortages. When this happens, owners often assume they should go out and sell more. But this strategy can sometimes compound money troubles over the short run. Why? The answer lies in a concept known as the “Cash Gap.” Understanding this concept can help your business generate extra cash to meet working capital needs. Here’s how… Read More
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