2021 Tax Updates

The year 2021 saw quite a few significant tax updates expected to prove quite beneficial to taxpayers. Among the changes that were implemented were increases to tax brackets and the standard deduction, in addition to extensions and expansions to some 2020 tax provisions, such as the expanded child tax credit. If you have yet to…

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Organizing Tax Documents

Organize Taxes

Here is an obvious statement: The U.S. tax code is complicated. Many people don’t mind paying their share of taxes, but the complexity of our tax system causes a multitude of problems. Federal estimates put the collective time spent on taxes at 6.08 billion hours in 2020. That is a lot of time to do taxes.…

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Tax Planning/Strategies for Medical Practices

If you are a doctor, you probably make a good income.  And because that is the case, you might assume you will owe more taxes to the government. Although your tax obligations are typically quite high, medical practices like yours have many legal tax strategies available to them. You might be surprised how much potential…

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10 Things You Didn’t Know Were Tax Deductions

Now that we are in tax season, you want to make sure you do everything in your power to keep as much of your own money as possible.  One way to accomplish this endeavor is by searching for any and all tax deductions. You may be surprised to learn how many ways you can deduct…

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7 Steps To Protecting Your Assets

7 Steps to Protecting Your Assets

Asset protection should be a priority for anyone with – assets. With seven key steps, you can retire with confidence and leave a financial legacy for your loved ones. It is not just the super-rich who need to worry about this either; you or I could easily find ourselves in an uncomfortable situation if our…

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10 Tell-Tale Signs You Need to Get a New Tax Preparer

More than half of all U.S. taxpayers, or many tens of millions of people, will use a tax preparer during tax season. Even if you have retained the services of a professional tax preparer, it doesn’t necessarily mean your taxes will be done right. Just like selecting a doctor or a plumber, you need to…

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How Billionaires Avoid Taxes, Legally.

How the Rich Avoid Taxes

Recently tax return data on many of the nation’s wealthiest people became public. Regardless of the breach of privacy, tax avoidance is a hot topic. What are the real reasons why some people seem to avoid paying their fair share of taxes? Some say it’s because rich individuals use sophisticated legal techniques or offshore bank…

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Tax Planning for Selling a Dental Practice

bookkeeping for small businesses

Are you considering selling your dental practice?  If you are, then maybe you are wondering what the tax implications might be for the upcoming sale. As you prepare to sell your dental practice, you want to make sure you maximize your dental practice value and minimize your tax obligations. You do not want to be…

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A Tax Planning Success Story

Tax Planning Success Story

Regardless of how you feel about the past year, a fresh one will be here shortly. We express the benefits of tax planning because we know how much it can help people relieve their burden and find new opportunities to create a better tomorrow. Recently a new client bought a dental practice with the plan…

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Tax Implications of Charitable Donations

When you donate to certain organizations, not only does it feel good knowing you are supporting a worthy cause and helping others in need, but you also receive a nice additional benefit of lowering your taxable income. That’s right. Charitable contributions can absolutely reduce your taxable income, meaning you get to keep more of your…

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