The tax and estate planning pitfalls of retiring overseas
Have you dreamed of spending your golden years in a tropical paradise or a culture-rich European city? If so, it’s important to understand the potential tax and estate planning implications so there are no surprises. These include: 1. Double taxation. If you’re a citizen of the United States, you’ll remain subject to U.S. taxes even […]
Think Big Is The Best First Step Toward Growing Your Business
Questions arise all the time among business owners. The Best First Step Toward Growing Your Business is one of those questions. The saying to “think big” is a great starting point. Nearly every business owner wants to grow his or her company. But with growth comes risk, and that can keep you from taking the […]
Experience Has Taught Well To Watch Your Balance Sheet
Experience has taught well to watch your balance sheet. This is a financial tool for business owners that any company around longer than a year will come to rely heavily upon. Face value You can’t always take a balance sheet at face value, because it may omit certain valuable assets and costly future obligations. Here […]
Deducting Business Losses Backed by Science
There is a science to pulling together business losses that can be deducted from a business owner’s taxes. The role the owner takes in that business is a key determining factor. You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses […]
What you need to know about estimated tax payments
What you need to know about estimated tax payments sounds like a government issue. This is actually a tax planning issue for most business owners. Paying the proper amount of tax by the annual federal income tax filing deadline isn’t enough to avoid interest and penalties; you must also meet requirements for paying tax throughout […]
Tread carefully if you and your spouse have similar trusts
When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What not to do Suppose […]
Turn An Asset Into A Tax Break
Most businesses want to turn an asset into a tax break. Business owners are always trying to reduce the overall tax burden. Having a details tax plan in place with a quality CPA will make the difference. Here are things to think about. Shopping. If your business is in need of office equipment, computer software […]
Could Crowdfunding Work For You
Could Crowdfunding work for you is a serious topic to take a detailed look at. This topic is nothing new and for years has grown in popularity. Business owners should dig into the financial and reporting details before jumping into this type of funding mechanism. On May 16, 2017, new guidance went into effect that […]
Should Business Owners Understand Their Cash Flow
A business owner should understand their cash flow. A statement of cash flows highlights the sources and uses of cash. This can often quickly be reported from Quickbooks or other accounting software. It’s arguably the most misunderstood and under appreciated part of a company’s annual report. Here’s an overview of how this statement is organized […]
Should Your Business Do Monthly and Quarterly Tax Prep
Your business should consider monthly and quarterly tax prep. As a business owner, there are many taxes that you are responsible for paying on a monthly or quarterly basis. OnTarget CPA is here to help identify the tax forms that you are required to file and pay. We can compute, file, and pay these taxes […]
