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21st September 2009
Partnerships are extremely flexible entities which makes them incredibly powerful in a tax strategy. Flexibility in a tax strategy is key because things change! I've studied partnerships for over 30 years and there are hundreds of ways to use them to pr... Read >
Author: Tom Wheelwright19th July 2009
In Information Release 2009-64, issued last week, the Internal Revenue Service announced that is publishing a series of periodic “summertime tax tips.” The stated purpose behind issuing these tips is to provide useful and concise advice on topics tha... Read >
Author: kinal16th July 2009
Corporate tax planning and management has always been a complicated task for most of us. Moreover, in the present scenario, where most of the businesses are competing with economic insecurity and ever-growing regulatory oversight, the entire job of filing... Read >
Author: Article Publisher11th July 2009
Taxes have perennially been a part of human history since time immemorial. Now more than ever, the increasing impact of taxes is felt and impacted many individuals especially during economic downturn. Thus, the existence of 1031 Exchanges particularly in ... Read >
Author: F. Morgan23rd June 2009
The Alternative Minimum Tax (AMT) is a taxpayer’s nightmare. The AMT was created in 1969 to ensure that the super-rich couldn't avoid taxes through various tax shelters. Its burden, however, is being felt by many more taxpayers principally because the A... Read >
Author: kinal07th June 2009
What is a Personal Tax Strategy? Let's break this term down and start with strategy. A strategy is a systematic plan of action intended to accomplish a specific goal or purpose.
The formula looks like this:
"Personal Tax" + "Strategy" = a plan of a... Read >
Author: Tom Wheelwright05th June 2009
Temporary Tax Savings These are the type of tax savings where you save taxes today but must pay them later. In other words, the tax is being deferred. Temporary savings can be helpful in a tax strategy, but even better is....
Permanent Tax Savings Th... Read >
Author: Tom Wheelwright13th May 2009
Many people view April 15th as the end of tax season and enjoy the idea that they don't have to deal with their taxes for another year. I look at April 15th a little differently. I see April 15th as the time to start planning your taxes for the next yea... Read >
Author: Tom Wheelwright18th November 2008
Today my team and I are wrapping up the month of October with our annual Halloween office party. It's a nice way to end the month, which is always one of the busiest months at the ProVision office. One of the reasons October is always a busy month is be... Read >
Author: Tom Wheelwright17th October 2008
Earlier this month, the President signed into law the Emergency Economic Stabilization Act of 2008. The financial markets rescue plan is one of the main components of the new law, but the new law also includes over 100 tax provisions!
HOW THE NEW LAW ... Read >
Author: Tom Wheelwright15th September 2008
Tax elimination is my favorite type of tax planning because it permanently reduces taxes. A lot of tax planning is focused on just temporarily reducing taxes, this means you pay less tax today but will pay more in the future. In other words, the tax is ... Read >
Author: Tom Wheelwright06th September 2008
When used correctly, C Corporations are a great way to supercharge a tax strategy. I find that when my clients make the most of their C Corporations, they reduce their taxes by a minimum of $10,000 every year.
- The Biggest Mistake With C Corporations... Read >
Author: Tom Wheelwright22nd August 2008
When I coach clients on their tax strategy to legally reduce their taxes, many of the strategies require monitoring throughout the year. The monitoring serves two primary purposes:
#1 To Monitor the Numbers
Many tax strategies are based on income a... Read >
Author: Tom Wheelwright22nd August 2008
Do you need to add an entity to your tax structure?
This is such an important question for mid-year planning because knowing the right time to add an entity to your tax strategy can often save as much as $10,000 per year in taxes!
What entity should... Read >
Author: Tom Wheelwright23rd July 2008
Summer months land right in the middle of the tax year, therefore it is a great time to review your finances and prepare a tax strategy for the rest of the year. Follow these 9 helpful summertime tax tips from the Roni Deutch Tax Center® tax professional... Read >
Author: Roni Deutch09th July 2008
One of the keys to bringing your tax strategy full circle is your bookkeeping. It's one thing to know what's deductible and how to maximize your business deductions, but unless that gets reflected in your bookkeeping, it's as if the tax planning never ha... Read >
Author: Tom Wheelwright05th June 2008
One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited ... Read >
Author: Tom Wheelwright08th May 2008
As humorous as it sounds creating wealth is as simple as 1, 2, 3. Building wealth of any
substantial amount takes basic principles and disciplines.
Let me be the first to say that creating wealth is the boring part. Yes it's true that if you feel l... Read >
Author: mrlandman08th May 2008
I have seen the inner workings of hundreds of tax strategies. I recently did a study of tax strategies to reveal the inside secrets of failed tax strategies. I was searching for common causes of the failures. The most common causes all centered around ... Read >
Author: Tom Wheelwright06th May 2008
As many inexperienced business owners might admit, starting a new business is no easy task, there are many things that could go wrong however, in order to make things work you need to think and act in a positive way. Choosing the right niche, product or ... Read >
Author: John Sern16th April 2008
One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited ... Read >
Author: Tom Wheelwright28th March 2008
Even if you have strong positive cash flow from your rental real estate, chances are you still have a loss for tax purposes due to the depreciation deduction.
This is a great tax strategy because your positive cash flow is sheltered from tax. But, it ... Read >
Author: Tom Wheelwright08th February 2008
In order to maximize your mortgage interest deduction, you need to first get your house in order. Many people recognize that the deduction for home mortgage interest is one of the most potent tax breaks available today. Most people are surprised at how ... Read >
Author: Tom Wheelwright28th March 2007
Income Taxes
If you are excited at the prospect of doing your taxes, you are one of the few lucky ones. For most of us mere mortals, our taxes are an incredibly intimidating and complex beast. Needless to say, the U.S. tax code does not make for a ligh... Read >
Author: Steve Dolan18th November 2006
When suffering the loss of a family member or when they become too unwell to take care of themselves, the last thing you need on top of the grief and stress is property IHT. This tax was originally designed to only affect the more wealthy property owners,... Read >
Author: Julie-Ann Amos22nd May 2006
Many people just assume their accountant will cut their taxes as much as possible. To get the biggest benefit from them, you need to be a bit more proactive.
Make Your Accountant Your Best Friend
Accountants tend to come in two types. The first is ... Read >
Author: Richard Chapo14th January 2006
The taxes that are withheld from paychecks amount to about 25% of your gross pay (including federal tax, state tax, social security tax and medicare tax). But these taxes that are withheld could be working for you as investments if you employ what I call ... Read >
Author: Francis Kier24th December 2005
Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts.
Tax Strategies
The good news is being self-employed is one of the bes... Read >
Author: Richard Chapo08th September 2005
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indic... Read >
Author: Richard Chapo08th September 2005
With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes.
Apply Losses to 2004 Taxes
When... Read >
Author: Richard Chapo15th July 2005
Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties.
Unfortunately, few investment property owners learn how to leverage equity in a w... Read >
Author: Richard Chapo
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