Strategic Tax Planning 2024-2025 скачать в хорошем качестве

Strategic Tax Planning 2024-2025

Torchlight Tax and Financial Solutions 877-758-7797 https://torchlighttax.com/ Strategic Tax Planning 2024-2025 Strategic tax planning has a tremendous tax impact. Many Americans are upset that the rich take advantage of the current tax system. What they do not realize is they too may be eligible for major tax savings. All it takes is a little strategic tax planning. This is Dave Horwedel, EA and CEO of Torchlight Tax. EA means Enrolled Agent and is the highest federal tax credential. It is very similar to being a tax-specialized CPA but has the advantage of being a federal license, so I am automatically licensed in all 50 states. Also, an EA, like a tax attorney, has unlimited rights of representation before the IRS. This means that an EA can represent any US taxpayer: individual, sole proprietorship, partnership, LLC, S Corporation, C Corporation, Trust, or Estate in the same way that a tax attorney can. All that needs to happen is that the taxpayer needs to sign IRS Form 2848 IRS Power of Attorney naming the EA to represent him. Strategic Tax Planning takes the long view. It is best done as early as possible in the tax year in question. Certain aspects of strategic planning can be done after the tax year in question. These include making contributions to pension plans or IRAs, using cost segregation and accelerated depreciation, and certain credits. However, the majority these strategies are done during the tax year. This is why it is so important to have a strategic planning consultation enough before the end of the year to take action. For example, a business can purchase equipment, marketing and other things before the year ends and reduce their taxable income by so doing. This is true even if the business uses a credit card. Suppose you are looking at a $200,000 profit in your business and need a piece of equipment to improve your production that costs $200,000. You could zero out your taxable profit by making this purchase. This may or may not be a prudent decision, and you are welcome to contact us for a free consultation going over the pros and cons. For a free consultation, contact Torchlight Tax at 877-758-7797 or email info@torchlighttax.com. If you are in the 37% tax bracket and have access to a low rate loan or credit card, this could be very attractive. 37% of $200,000 is $74,000 dollars. But this does require due diligence. If you spend $200,000 to save taxes, and the equipment does not increase your production, you still lose! Whether a business is cash basis or accrual basis also affects their taxes. Also, there are many organizational steps that make it possible to do strategic tax planning. Tax filing can be a stressful time for many Americans. Here are eight simple steps to lower stress and save time and money. 1. Have a Stable Storage Space for Your Tax Documents “I have to get my documents together!” Does this statement sound familiar? We’ve heard it thousands of times from our clients at Torchlight Tax. Often the need to get them together is because you placed them apart! Having a stable, safe space to store your tax records and perform your tax paperwork simplifies the tax filing process. There are two ways in which this can be done: ● Store Your Hard Copy: The old school method of placing tax documents in one location will allow you to easily access your documents, saving you from a lot of hassle when you need them. It is also advisable to work on taxes in the same space next to your records. If your returns are simple, getting organized could mean a file or banker’s box that you put in a closet and bring to your kitchen table. Toss out your junk mail but not IRS and state letters and tax forms such as 1098s, 1099s, and W-2s. When you receive and open your mail, place your tax mail in the same box. You will never lose your hard copy documents again! Save Your Soft Copy Make it a priority that you have a solid backup plan when storing information on electronic devices or on-line. Keep your passwords safe and invest in antiviral protection on your devices to avoid hackers. Take steps to become tech-savvy. This will allow you to perform tasks such as scanning hard-copy documents to save them onto your computer or other digital storage space. You can use an 1external hard drive, a USB device or store your information in the Cloud. Finally, download soft-copy documents that you receive online through email or other apps. If you do this, then your computer and workstation will become your “stable location”. If your computer crashes, breaks or gets stolen, you will still be able to access your documents, due to your backup processes. However you do it, follow the system and always put the documents in the same place. 2. Keep Separate Accounts for Business and Personal If you have a business, make sure that your personal and business accounts are separate. If you have multiple businesses, keep a separate bank account for each business.