TAX PLANNING | 5/2/2024 More than 20 states now allow pass-through entities (PTEs) to elect taxation at the entity level. This approach helps members bypass the federal $10,000 limit on itemized deductions for state and local taxes (SALT), offering potential tax-saving benefits. At Chartered Consulting LLP, we provide insight into navigating these PTE tax elections …
TAX PLANNING | 10/22/2024 The Department of the Treasury and the Internal Revenue Service have issued Revenue Procedure 2024-31 PDF and proposed regulations to provide guidance for the Energy Efficient Home Improvement Credit. The revenue procedure provides procedures and requirements that a manufacturer of specified property must follow to be treated as a qualified manufacturer (QM). To become a …
TAX PLANNING | 10/14/2024 Choosing the right business entity is a pivotal decision for any business owner. The entity you select impacts your tax obligations, personal liability, and other critical factors. For many small to medium-sized businesses, a Limited Liability Company (LLC) stands out as an attractive option, offering a unique combination of liability protection …
TAX PLANNING | 09/25/2024 Mergers and acquisitions are on the rise in 2024 after a slower 2023. If you’re planning to buy a business, structuring the purchase correctly can lead to significant tax advantages. There are two primary ways to structure a purchase: This article focuses on the tax considerations when purchasing business assets. The …
TAX PLANNING | 08/29/2024 If you’re required to take required minimum distributions (RMDs) from a traditional IRA and also have charitable giving goals, a qualified charitable distribution (QCD) can be a powerful tax-saving strategy. By leveraging this approach, you can fulfill your philanthropic intentions while reducing your taxable income and potentially qualifying for additional tax …
TAX PLANNING | 08/24/2024 A 529 plan is a powerful, tax-advantaged savings tool designed to help families save for education expenses. Whether for college or eligible K-12 expenses, these plans offer potential tax-free earnings and other significant benefits when used strategically. Starting in 2024, unused 529 funds can even be rolled into a Roth IRA …
TAX PLANNING | 08/08/2024 With key provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) set to expire at the end of 2025, many business owners are reassessing their entity structures. The expiration of the qualified business income deduction (Section 199A) and the reversion of individual tax rates in 2026 raise questions about …
TAX PLANNING | 05/20/2024 Business owners can structure their companies in several different ways, depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. Anyone starting a business should consult a qualified tax professional, such as an accountant or tax …
TAX PLANNING | 03/03/2024 Key insights Establishing a trust can be a crucial part of estate planning, but understanding how the trust’s income will be taxed is equally important. Changes such as those introduced by the American Taxpayer Relief Act of 2012 (ATRA), which increased income tax rates and introduced the Net Investment Income Tax …
TAX PLANNING | 11/30/2023 R&D Credit: Payroll Tax Offset New and expanding businesses need to be vigilant in seeking savings opportunities that can help fuel growth. With research and development (R&D) tax credits, the innovation that drives your business could also help you access extra cash and offset your payroll tax liability—instead of income tax. …