Planning Center
Tax planning ideas, in plain English.
Knowledge is power. Our Planning Center explains the strategies and concepts we use with clients every year, most with a short video from our team. Filter by who you are, or search for a topic.
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Showing 39 of 39 topics
1031 Exchange
We want to highlight why a 1031 Exchange is a big deal. By deferring tax, you keep more of your dollars invested in real estate projects. Similar to a 401(k) plan, your dollars are growing and providing a return to you instead of...
Watch and read14-Day Rental Rule
Business owners that also own a primary residence may be eligible for additional tax deductions for renting their home to their business for business meetings up to 14 days a year. The Augusta Rule, named after Internal Revenue...
Watch and readBusiness Operating Agreements
If your business does not have an operating agreement or bylaws, you should. These documents establish agreed upon procedures for business partners to address a variety of difficult circumstances they may find themselves in,...
Watch and readCharitable Donations
Each tax season, we find a number of proposed client charitable donations that do not meet the IRS requirements. Learn about the nuances of claiming a charitable donation on your tax return so you can get the maximum benefit each...
Watch and readCost Segregation and Accelerated Depreciation
If you own income producing real estate, you are likely sitting on a big tax break since the day you bought the property. It is called accelerated depreciation. Consider this. When you buy office supplies, you deduct those costs...
Watch and readDeduction Stacking
The IRS gives every taxpayer a free tax breaks off their taxable income based on the chart shown here. Depending on your filing status and the year in question, we are talking about $13-26k of tax breaks even if you don’t home a...
Watch and readEconomic Nexus
Do you have clients you sell products or services to in other states? Even if you have no physical presence in a state but you sell to customers that operate or reside in that state, you may have additional state income and/or...
Watch and readEducation Tax Credits
Education tax credits are limited for married taxpayers that earn less than $180,000 and single taxpayers earning less than $90,000. Many business owners earn too much to qualify for tax credits associated with their children’s...
Watch and readEmployee Retention Tax Credits
The CARES Act and its affiliated laws and IRS regulations established a lucrative tax credit many business owners are eligible to claim. Linked Accounting will do the heavy lifting to determine your eligibility, calculate the...
Watch and readEstate Plans
As the term suggests, an estate plan consists of advanced planning to name the people or organizations you want to receive the things you own after you die and taking steps now to make carrying out your plan as easy as possible...
Watch and readFamily Limited Partnership
In life, it is said you can plan on two things: death and taxes. But what about the perfect storm where death and taxes exist in the same sentence? Today, we are talking about one of my favorite tax tips to reduce your estate’s...
Watch and readFuel Tax Credits
Does your business fuel equipment that is used for non-highway use? Examples of non-highway fuel use includes heavy equipment and refrigerated trailers. Watch to learn the mechanics of this valuable tax credit that is as good as...
Watch and readHealth Savings Accounts (HSA)
If you have a high deductible health plan, you should consider seriously fully funding your HAS even if your annual medical costs are minimal. Learn how your HSA can be used to reduce your annual tax exposure and add value to you...
Watch and readIntroducing ADP!
Let us introduce ADP. We partner with ADP on payroll processing, retirement accounts, workers' compensation insurance and many tax credits. Dave Bevan is a superstar in all of these areas. We would encourage you to consider the...
Watch and readInventory Obsolescence
Businesses that carry and sell inventory may have a tax deduction sitting under the dust on its shelves. Inventory is only deducted when it is sold or written off your books as obsolete inventory. Watch to find out the mechanics...
Watch and readIrrevocable Life Insurance Trust (I.L.I.T.)
Businesses that carry and sell inventory may have a tax deduction sitting under the dust on its shelves. Inventory is only deducted when it is sold or written off your books as obsolete inventory. Watch to find out the mechanics...
Watch and readIrrevocable Trusts
Generally, our guidance to our clients is to form one or more trusts to hold most or all of their assets. While many factors are considered when recommending an irrevocable trust, any client with a net worth over $5 million...
Watch and readIRS Audits
For most taxpayers, the odds of experiencing an audit is under 1%. Learn what categories of taxpayers can increase your chances of an audit, including reporting a loss in your business. Please let us know immediately if the IRS...
Watch and readManagement Companies
If you own a business with one or more partners, a Management Company may be a nice compliment to your tax planning toolkit. During our consultations over the last decade, we have found a common theme emerge amongst business...
Watch and readMeals and Entertainment
The IRS has broken the deductibility of meals and entertainment down into multiple categories. Some expenses are fully deductible and while others are not deductible at all. Learn more about the expense categories we would like...
Watch and readNet Investment Income Tax (NIIT)
Net Investment Income Tax (NIIT) was implemented by Congress under the Obama administration as a funding mechanism to pay for the Affordable Care Act. The 3.8% tax is assessed on the income from invested assets when the household...
Watch and readOpportunity Zones
We all know the value of finding a diamond in the rough! Opportunity Zones are the real estate investment equivalent of that diamond in the rough. Created as part of the Trump tax cuts in 2017, Opportunity Zones are 8,700 plus...
Watch and readPercentage of Completion
Contractors or businesses with long-term revenue sources can use a Work-in-Progress to properly align revenue with the costs associated with revenue production. In this video, we are going to accomplish two things. First, we want...
Watch and readPrivate Foundations and Donor Advised Funds
If all of the following are true about your circumstances, please watch our video to learn more about a great way to increase tax deductions during your most expensive tax years
Watch and readProbate
Probate is the legal process in which a court determines the validity and authenticity of a will for a deceased person.
Watch and readProfessional Employment Organization (PEO)
Many companies consider the services of a Professional Employer Organization (PEO) to gain additional assistance in human resources functions and benefits. Many PEOs charge 1-2% of wages through fees and higher worker’s...
Watch and readQualified Business Income Deduction (QBI)
Under certain circumstances, business owners can deduct 20% of their business income. There are industry and income limitations to this valuable deduction. Where possible, our fall tax planning focuses on ways to ensure you are...
Watch and readReduce your Energy Bill: Power Perfect Box
We installed this inexpensive box on each of our building’s electrical panels. Our power usage dropped by nearly 50% immediately after the Box was turned on. Learn more about this great tool in time for using it as a great tax...
Watch and readResearch and Development Tax Credit
Research and Development Tax Credits are lucrative and are available to many business owners that don’t claim them. Find out more about eligibility for R&D Tax Credits.
Watch and readRevocable Trusts
Generally, our guidance to our clients is to form one or more trusts to hold most or all of their assets. Consider the benefits of a revocable and irrevocable trusts. Clients with a net worth over $5 million (single) or $10...
Watch and readS-Corp vs. LLC
Taxation of business income varies depending on the organization structure. Differences between LLC’s taxed as a partnership vs. corporations or LLCs that have made an election to be treated by the IRS as an S-Corp exist. One...
Watch and readState and Local Taxes (SALT)
The Trump tax cuts severely limited the deductions available for high-income earning taxpayers that pay substantial state income, sales or property taxes each year. However, many states, including Utah, Arizona and California...
Watch and readState Mandated Retirement Plans
Mandated state retirement plans are becoming more popular in democratic-leaning states. 16 states either require them or are considering state mandated retirement plans. As an employer, if you operate in one of these states, it...
Watch and readStock Donations
Donating appreciated publicly traded or small business stock is a great tool that does just that, eliminates taxes on income that would otherwise be paid. Watch today to learn about the mechanics of this tax tip!
Watch and readTax Free States and Retirement
9 states have no state income tax. When you live more than half of the year in one of these 9 states, you can reduce your total income tax exposure by as much as 25% by eliminating a state tax. As your approach retirement, you...
Watch and readTax Loss Harvesting
Tax loss harvesting is the timely selling of securities at a loss in order to offset the amount of capital gains tax due on the sale of other securities. If you hold stocks that are currently valued at a loss, learn how selling...
Watch and readTip Tax Credit
Tips are defined as income for those earning them. As an employer, you include tips in the wages that are subject to employer payroll taxes. The tip tax credit is a mechanism to get your employer paid payroll taxes that are...
Watch and readWhat is a Trustee?
Have you been named as a trustee on someone’s trust? Or perhaps you are in the process of naming trustees for your own trust. Learn what roles a trustee fulfills and what factors should you consider as you name trustees.
Watch and readWorkers Compensation Insurance
We have found ADP’s worker’s compensation insurance to be a better bargain compared to your current provider in many circumstances.
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