tax tips

Year-End Tax Planning Businesses
Advisory

Year-End Tax Planning: Businesses

Despite the delays and uncertainty around exactly what tax changes final legislation will contain, there are actions that businesses can consider taking to minimize their tax liabilities, which are highlighted in this guide.

Year-End Tax Planning Individuals
Advisory

Year-End Tax Planning: Individuals

It’s time for year-end tax planning – individuals should review 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations.

Taxable Fringe Benefits
Tax

Year-End Reminders: Fringe Benefits & Special Rules for 2% S Corp Shareholders

As 2021 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2021, since COVID relief brought about a number of changes to the rules relating to traditional fringe benefits.

Tax Accounting Method Change
Tax

Will a Tax Accounting Method Change Benefit You?

When assessing your tax situations for 2021 and subsequent years, consider whether you may benefit from traditional tax accounting method planning, which aims to defer income recognition and accelerate deductions, or “reverse” tax accounting method planning, which does the opposite.

Good Record Keeping
Real Estate

Good Record Keeping Can Save You

The more mundane parts of business – like good record keeping – can get overlooked. But in the long run, it can save you in more ways than one.

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