When it comes to investing, timing really is everything. Proper planning can help you time your transactions and make tax-efficient investing decisions.
It's the peak of busy season in the accounting world and the LBA Haynes Strand team is committed to helping you reduce your tax burden as much as possible. With the ever-changing tax laws, our principal members and staff work diligently to stay up-to-date and keep you informed of strategies that can help save you the most.
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Flexible Spending Accounts provide an IRS-approved way to lower taxes for both employers and employees. The plans allow employees to redirect compensation to pay for qualified unreimbursed medical expenses, dependent care expenses, certain insurance premium contributions, and adoption expenses before personal taxes are computed on their paychecks. Employees end up paying less taxes because their taxable income is lower.
Personal tax strategies are nothing new. Everyone knows that there are lots of ways to maximize their tax savings by lowering taxable income, and receiving greater tax benefits. The trick is actually putting these tax strategies into play. Consulting with a certified public accountant can help you maximize your tax savings by creating a plan and realizing all of the strategies and benefits that you may be entitled to.
As we draw close to the end of the year and the start of tax season, you have probably started to think about what this year has meant for you from a tax standpoint. Maybe you got a raise or your mutual funds did really well and recently deposited some dividends and capital gains into your account and you are wondering how everything will shake out in April. Maybe you are trying to determine if you should pay your 4th quarter estimates before 12/31 or in January (we can help with that!) or if you should pay your January mortgage payment early to shift that mortgage interest expense into the current year to increase your itemized deductions.
On Tuesday, December 16th, the Senate passed the tax package, H.R. 5771. In this piece of legislation is the "Tax Increase Prevention Act of 2014," which extends through 2014 over fifty currently expired "extender" provisions. The Act is expected to quickly be signed in to a law.
Tucker the Turkey trotted into some accounting trouble with his internet search engine business called GOBBLE. So Tucker decided to turkey call the accounting professionals at LBA Haynes Strand. After a couple of hours, the LBA Haynes Strand team invited Tucker to come to the office so they could better understand his business. At the office, Tucker met with the Firm Members who wanted to talk business, but Tucker just wanted to talk turkey. The Members thought that since Tucker’s fixed assets were up in the air, that Tucker should turkey call his business partner at GOBBLE, Smokey. So Tucker gave his business partner, Smokey, a BING. Smokey was delighted to help out his best friend and business partner but thought that this might be a conversation for their other business partners as well. He called Buddy, who called Waddle, who called Tom; before you knew it, the ‘Butterball Effect’ exploded.
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If you are a small business owner, you probably understand the complexities of running your business. However, you may not fully understand where you are able to take advantage of business tax deductions. This is where consulting with a certified public accountant or your local accounting firm can help! Business tax deductions can help you put more money in your pocket that you can invest back in to your company as you see fit. Understanding these deductions can also help you make decisions in the future on where to spend money and how you can maximize your revenue potential.
There are some specific tax strategies that can be used in the buyer-seller transaction. If you need more clarification it is always best to consult with a CPA who has experience in the M&A field. In particular we will examine installment sales, the transaction structure, and the balance of capital gains vs. ordinary income.
Tax issues are extremely important in an M&A transaction. You can move significant dollars one way or the other. It's almost impossible to completely avoid Uncle Sam or the state taxing authorities. However, in a good transaction, advised correctly, you can save a lot of money!