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Tag Archive for Tax Strategy

Income Shifting Strategies To Help Business Owners Become More Tax Efficient

Haik Chilingaryan, Tax Lawyer, Tax Savings For business Owners

This segment discusses different strategies that can potentially help a business owner become more tax efficient. Some methods include the restructuring of a business and establishing tax-deductible retirement plans.

Synopsis

The concept of characterization of income (or shifting of income) may result in the preservation of significant wealth. One method of shifting of income is through retirement planning. Another method is the restructuring of a business entity.

Retirement Planning

If the taxpayer is working and participating in a 401K with his employer, or he has an IRA, meaning it’s funded entirely by the taxpayer, the money that goes into such accounts may save him on taxes.

When the taxpayer puts money in such plans, he decides that instead of paying taxes now, he will instead pay taxes when he take those funds out, preferably when his tax brackets are likely to be reduced at his retirement. That’s because his total taxable income is likely to be lowered since he is no longer working, thereby lessening his income tax obligations.

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VP Tax Opportunity – Portland, Oregon

TaxConnections has recently been retained to conduct a search for a VP Tax in Portland, Oregon. We would genuinely appreciate your taking the time to review this opportunity below and kindly refer this to anyone who you feel may be interested in learning more about a VP Tax role.

Title: Vice President of Taxation

Company: Real Estate Investment Company- Privately Held

Reporting Relationship: CFO

Responsibilities:  The VP Tax is responsible for providing company-wide leadership of the Read more

7 Habitual Mistakes Companies Make – Chapter 4 (1)

TaxConnections Blog Post

Chapter 4

Insular? Be come More Transparent

Executive Summary

THE FOLLOWING POINTS are an extract from a survey* conducted over a period of two years and demonstrates the fact that the function of tax compliance within businesses is very insular and lacks the requisite interaction with other key persons in the business.

• No documented tax strategy – 78% Read more

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