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Essential Tax Tips And Strategies For The Individual Business And Estates(1st Edition)

Authors:

Allen Kutchins

Free essential tax tips and strategies for the individual business and estates 1st edition allen kutchins
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Cover Type:Hardcover
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Book details

ISBN: 979-8405624242

Book publisher: Independently published (February 7, 2022)

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Essential Tax Tips And Strategies For The Individual Business And Estates 1st Edition Summary: Tax planning can be a complicated and stressful process. More often than not, the question we hear from clients is, “Where do I even start?”It’s a great question. With the right amount of preparation, expertise, and strategies, it can be easier to understand the tax planning process while also finding cost savings and profitable opportunities.Allen Kutchins has been a practicing CPA for over 50 years. Throughout his career, he has been able to save his clients millions of dollars in income and estate taxes by implementing relatively, straight - forward planning strategies as outlined in his book.For example:• By employing your child in your business, you are able to make annual Roth IRA contributions that save you income taxes, and at the same time, start your child on a path to financial security.• By converting your Traditional IRA to a Roth IRA, you are able to remove assets from your estate and convert future growth of your retirement assets from taxable to non-taxable.• By taking advantage of the cash basis method of accounting for your business, you will not be pre-paying income taxes on your accounts receivable or your inventory, thus preserving capital.