When it comes to retirement planning for small business owners there are a lot of options available which can be confusing. There is no one strategy that is perfect for everyone so our goal here is to give you an overview of what's available to help you make a decision on what you may want to implement in your business. We partner with Matt Ruttenberg and Life Inc Retirement Services so if you would like to get started on setting up a retirement plan you can visit their site here. With the changes from the Secure Act 2.0, now is a great time to start a retirement account for your bus ..read more

On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast  Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today's questions, tune into our Podcast to hear the answers! Kelly: Can you hire an older child to watch younger children in order for you to work at your business? John: Does the HSA "high-deductible" requirement apply to the deductible for in-network services or out-of-network ser ..read more

Lets be honest, entrepreneurs are always thinking about new ideas. This is why you often see successful business owners have many different businesses often times even in completely different industries. A question that comes up often in our Free Facebook Group stems around this idea of how to structure your business when you have multiple businesses or entities. That is exactly what we want to talk about today. For our discussion here we are strictly talking about operating businesses aka businesses that you are active in. If you have rental businesses or passive activities that wou ..read more

As we navigate the complexities of the current tax landscape, astute investors and tax professionals are increasingly turning their attention to the strategic benefits of Opportunity Zones and the intricacies of 1031 exchanges. These two mechanisms offer compelling avenues for tax deferral and capital growth, yet they require a nuanced understanding to leverage effectively. Opportunity Zones, designated as economically distressed communities, present a chance for investors to spur development while potentially reaping tax advantages. Meanwhile, the 1031 exchange process allows for the deferral ..read more

In the dynamic landscape of real estate investing, Section 1031 of the U.S. Internal Revenue Code stands out as a powerful tool for investors seeking to optimize their portfolio growth while deferring capital gains taxes. Commonly referred to as a ‘1031 exchange,’ this provision allows investors to reinvest the proceeds from the sale of investment property into new property and defer all capital gains taxes. This strategic maneuver not only preserves capital by postponing tax liability but also enables the continuous escalation of investment value through the acquisition of potentially higher ..read more

Real estate investing can be a lucrative venture, especially when investors leverage tax strategies to maximize their returns. One such strategy is a cost segregation study, a powerful tax planning tool that can significantly increase cash flow by accelerating depreciation deductions. This guide will dive into the intricacies of cost segregation studies, providing real estate investors with the knowledge they need to make informed decisions. This is part of a bigger series we did for our Ultimate Guide to Real Estate Taxes. What is a Cost Segregation Study? A cost segregation study is an ..read more

In an increasingly global economy, it’s not uncommon for business owners to engage in transactions that cross international borders. Whether it’s through remote services, overseas sales, or international partnerships, foreign income can become a significant part of a business’s revenue stream. However, this income comes with its own set of tax implications that must be carefully managed. Here’s what business owners need to know about foreign income and its impact on their tax responsibilities. Reporting Foreign Income All income earned by U.S. citizens and resident aliens must be reported to t ..read more

On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast  Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today's questions, tune into our Podcast to hear the answers! Scott: Can you send me a link of the podcast series of what is an s-corp and why someone should consider it? Also, do we have to declare it every year? Also, Can we choose to switch back to just being taxed as a SMLLC ..read more

If you have been listening to our Podcast or following our Blog for awhile you will know that we stress the importance of tax planning throughout the year and NOT during tax season. The fact remains true that if you are looking for and thinking about tax strategies now (in tax season) for last year (2023) you missed out on a lot of opportunities. With that being said, we always do say that there are a few options available for those later comers and that's exactly what we want to talk about here. We are going to outline tax strategies that may be available to you now, in tax season, for last y ..read more

Sales Tax – Those two words may have just given you anxiety.  There are three critical components and questions to ask when it comes to sales tax. Do you have nexus? Is what you sell or provide taxable? How do you sell your product or service? Getting your clients compliant with every state sales tax law is a complex task, but these three questions will give you a better picture of your client’s tax liability. Getting compliant with every single state law can be complex but these questions will give you a much better idea of your tax liability. Lets dive into those questions ..read more