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Tag Archive for business

Timing Strategies Could Become More Powerful in 2017, Depending On What Happens With Tax Reform

William Rogers, Tax Advisor

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This may end up being especially true this year, if tax reform legislation is signed into law.

Here are two timing strategies that can help businesses defer taxes:

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How To Maximize Deductions For Business Real Estate

William Rogers, Tax Advisor

Currently, a valuable income tax deduction related to real estate is for depreciation; however, the depreciation period for such property is long and land itself isn’t depreciable.

Whether your real estate property is occupied by your business or is being used as a rental, here’s how you can maximize your deductions:

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Testimony: Businessman Abroad Affected By FATCA

John Richardson, Tax Advisor

To Whom It May Concern:

Thank you for the opportunity to comment to the Committee. Under normal circumstances I would introduce myself however, given present circumstances, I cannot as my status as a US Person, is being reviewed by the State Department at my request to validate my relinquishing acts in the early 1970’s.

I am a Canadian citizen, registered as a Canadian born abroad at birth, in the United States while my Canadian parents completed their post graduate education in the United States.

If you are unaware, with the exception of the United States, it is not a good thing to be considered a US Person (a newly coined status) for tax purposes, if you live outside the U.S. It is not a good thing to have any U.S. indicia at all. Who am I?

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IRS Mileage Rate 2016: How To Track Mileage

MileIQ, track mileage, tax professionals

The mileage rates 2016 for business drives is 54 cents per mile decreased from 57.5 cents in 2015. Let’s go over what the business mileage rate is and what it means to you.

How to Calculate Mileage for 2016 Mileage Rates

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Business Entity Selection And Tax Consequences Of Converting

John Dundon

For this post, Brandon Rains, founder of the Rains Laws Firm and an expert on business formation, espouses his observations about business structure changes and I address the income tax reporting requirements of those changes therein.

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Focus On The Tax Climate Of Virginia

Monika Miles

This month we travel across the country to Virginia. One of the original 13 colonies, Virginia possesses a lot of living history with the Jamestown Settlement and Colonial Williamsburg being notable historic landmarks.

The Shenandoah National Park lies in the eastern part of the state deep in the Blue Ridge Mountains. Mostly forested, the park features wetlands, waterfalls and rocky peaks, like Hawksbill, and Old Rag mountains. It is also home to many bird species, deer, squirrels and the elusive black bear.

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TaxConnections Webinar With Ex-Google SEO Mogul

TaxConnections

Join TaxConnections for Driving More Web Traffic To Your Business – SEO For Tax Professionals, a webinar focusing on increasing SEO for your tax business. TaxConnections is partnering with Practice Ignition to bring you this in-depth webinar with an ex-Google mogul specializing in SEO.

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Webinar: Driving More Web Traffic – SEO For Tax Professionals

Practice Ignition

Join TaxConnections for a webinar focusing on increasing SEO for your tax business. TaxConnections is partnering with Practice Ignition to bring you this in-depth webinar with an ex-Google mogul specializing in SEO.

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Preventing A Huge Taxation On Your Business

Ron Oddo

Today, all owners face three significant headwinds that increase the difficulty of a successful business exit. One is our flat economy—today and for the foreseeable future. The second is the substantially higher tax bill that’s due upon the sale of a business. And last, but not least, is the long-term mediocre investment climate that depresses the amount of income owners can expect from their sale proceeds and other investments. Combined, these three headwinds wreak havoc on an owner’s ability to cross the finish line at all, let alone as they originally planned.

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The Economy Just Ain’t What It Used To Be

Ron Oddo

Today, all owners face three significant headwinds that increase the difficulty of a successful business exit. One is our flat economy—today and for the foreseeable future. The second is the substantially higher tax bill that’s due upon the sale of a business. And last, but not least, is the long-term mediocre investment climate that depresses the amount of income owners can expect from their sale proceeds and other investments. Combined, these three headwinds wreak havoc on an owner’s ability to cross the finish line at all, let alone as they originally planned.

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Valuation Of Your Business – Basis For Tax Planning

Ron Oddo

Few business owners relish spending money on something they don’t need. And for most owners, hiring an expert to estimate the value of their companies falls into that don’t-need category.

So it is no surprise that owners typically respond to an exit planning advisor’s recommendation to get an estimate of value for the company with some variation of: “Now? But I’m not planning to leave for years!” or “I built this company so I—better than any so-called expert—know what it is worth!”

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IRS Mileage Rate 2016 for Business, Charity, Medical

MileIQ

The IRS Mileage Rate 2016 is important for anybody looking for a driving-related deduction. Use this rate to determine how much your write-off can be for business-related drives, as well as charity driving and moving/medical trips.

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