October 19, 2016
Typically, it’s better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that can help businesses do this:
But if you think you’ll be in a higher tax bracket next year (or you expect tax rates to go up), consider taking the opposite approach instead — accelerating income and deferring deductible expenses. This will increase your tax bill this year but can save you tax over the two-year period.
These are only some of the nuances to consider. Please contact us to discuss what timing strategies will work to your tax advantage, based on your specific situation.
Every business owner knows the kingly importance of cash. Maintaining a ready reserve of dollars can enable you to better compete and grow your business. But a reserve can also be too big. Let’s discuss how to find and maintain the right balance.
Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.
Estate planning is important for everyone, but even more so for unmarried couples. State intestacy laws don’t protect the relationships of these folks. Learn more about what steps unmarried couples can take to ensure their estates are settled as they wish.