Running a small business comes with many financial responsibilities, and managing taxes is one of the most important. Without a proactive tax strategy, businesses may end up paying more than necessary or miss valuable opportunities to reduce their tax burden. Effective tax planning helps business owners stay compliant while maximizing available deductions, credits, and financial … Read more
Individuals who sell their principal residence are required to report the sale in their personal income tax return and assess whether they may be able to designate the principal residence exemption to eliminate any potential income tax consequences. These rules have come into effect for dispositions starting with the 2016 taxation year, and they include … Read more
Certain situations involving automobiles may trigger certain tax consequences and planning considerations as follows: Employer-owned vehicles used by employees for business and personal reasons Allowances and reimbursements for automobile costs incurred by employees Deductible expenses by the employer Although automobile benefits are included in income from employment for the employee in certain cases, there is … Read more
“Planning is bringing the future into the present so that you can do something about it now.” Alan Lakein Estate planning is the process of determining the goals that one would like to accomplish, along with undertaking certain actions to set the path forward for achieving these goals. Wealth accumulation and passing of the estate … Read more
