#25 Do you qualify for a foreign tax credit? If you paid income taxes in a foreign country, when you file your U.S. tax return you can apply for a foreign tax credit. Bring us your foreign tax return, and we may be able to bring you a foreign tax credit. ‘Tis the Season to…
#24 Know Your Tax Status Do you live in the United States for than more 120 days? Do you earn income in more than one country? If this is the case, you may need to file a U.S. tax return of your worldwide income and assets. ‘Tis the Season to start Tax Planning Call us…
#23 Prepare for Financing Consult your lender before filing your personal or business income tax return. Beware of filing amended tax returns when seeking financing. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#22 Prepare your estate plan for a tax deduction None of us like to think about “the end.” However, if you do, you can get a tax deduction for planning and preparing your trust, will, and estate. Fees paid to professionals and consultants may be tax deductible and may protect you and your family. A…
#21 Use your tax advisor wisely Please check proposed transactions with us before you complete them so they can be structured to minimize taxes. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#20 Consider a "tax-deferred" Like-Kind Exchange When selling a business or investment property for a gain, buy a new property for the same amount or more than the old property you are selling. You will eventually pay your income taxes on gains when you sell your last property and no longer have qualified properties to…
#19 Do not overlook an IRA if you qualify for one Compare the Traditional IRA and the Roth IRA, and choose what is best for your situation. A Traditional IRA gives you a current tax deduction for your contribution and tax-deferred growth. A Roth contribution is not tax-deductible, but qualified withdrawals are tax-free. ‘Tis the…
#18 Are you the only employee in your business? Look into an individual 401 (k) plan. These plans offer higher contribution limits than other retirements plans. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#17 Review your corporate income before year-end If you operate your business as a personal service corporation; a tax definition that applies to taxpayers performing services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Be aware that such corporations pay a flat 35% tax on all taxable income.…
#16 Take advantage of depreciation These regulation control how you will classify the cost of assets, supplies, and repairs and maintenance; some of which you will be able to expense immediately if you have the required policies in place. Create and implement a written policy to comply with the rules. ‘Tis the Season to start…
