CAS Assurance, LLC, CPA

Gifting is often its own reward, but there are ways to make your generosity even more impactful through strategic tax planning.

Holiday Gifts That Offer Tax Benefits for You and Your Loved

Reduce your taxable income by contributing to an HSA—it's a smart move for healthcare savings!

Find joy in your journey—it's the fuel for achieving your dreams!

Construction businesses can depreciate heavy equipment and tools. Maximize your deductions and save on taxes!

Discover how billionaires store art in freeports to legally avoid taxes on purchases, sales, and capital gains while securing their valuable assets.

The Secret World of Art Tax Havens

Depreciation: Spreading out costs over time to match asset use.

The Federal and state governments all have “lemon laws” that govern warranties on consumer products, to ensure that consumers receive clear and detailed information about warranty terms and conditions, and to facilitate the resolution of disputes over warranty coverage. Often overlooked are taxability issues related to lemon law settlements.

Are Lemon Law Settlement Proceeds Taxable? Understanding Lemon Laws: Tax Implications of Federal and State Lemon Law Settlements on Warranties and Consumer Product Disputes.

We posted this question to ChatGPT:
"Do you have an estimated percentage of individuals and businesses that are over-paying taxes in America just because they did not do good tax planning? "

The answer it gave will surprise you:

" Estimates suggest that a significant percentage of both individuals and businesses in America overpay taxes due to insufficient tax planning. Here are some general figures based on studies and industry analysis:

1. Individuals: Approximately 20-25% of individual taxpayers overpay their taxes each year, according to estimates by tax experts. This is often due to unclaimed deductions, credits, and lack of tax-advantaged savings, like retirement contributions, that could lower taxable income. Misunderstandings about tax rules and not itemizing deductions when eligible are common reasons for over-payment.

2. Businesses: For small and medium-sized businesses, about 60-80% may be overpaying on their taxes, according to findings by the Government Accountability Office (GAO) and various accounting firms. Over-payment issues often stem from missed deductions (e.g., on operational expenses, travel, and depreciation), improperly structured business entities, and not taking advantage of credits, such as the Research and Development (R&D) tax credit."

If you are not doing a smart tax planning, you can bet you are among the statistics!

It's time to take a better charge of your taxes with our resources. https://casassurance.com/services/tax-planning-services

Facing competition, California aims to retain its entertainment industry by increasing film and TV tax credits to $750M, securing jobs and halting runaway production.

California's $3.75B Tax Incentive to Retain Hollywood Jobs California boosts film and TV tax credits to $750M, aiming to retain Hollywood jobs and curb out-of-state productions amid fierce industry competition.

Embrace your uniqueness and follow your own path. Make your life a reflection of who you truly are.

Here are the November 2024 Business Due Dates

The November 2024 Business Due Dates

Navigating the U.S. tax system can be a complicated task, especially for non-resident aliens who are subject to numerous complex rules.

Tax rules for resident vs. non-resident aliens

Maximize your deductions by including state and local income taxes paid—every deduction counts!

Here are the November 2024 Individual Due Dates

The November 2024 Individual Due Dates

Believing in yourself sets the stage for success.

Healthcare providers: Don’t forget to deduct continuing education costs and certifications. Invest in your career and save on taxes!

Accountability starts with 'account'—the core of responsible practices!

Banish doubts and step into the week with confidence! Your potential knows no bounds.

Artists, claim deductions for art supplies and studio expenses. Invest in your creativity and save on taxes!

Why 'audit'? It originates from the Latin word audire, meaning to "listen"—highlighting its roots in careful review and observation!

The distinction between a hobby and a business can significantly impact your tax obligations. The IRS has hobby loss rules to determine whether an activity is a hobby or a business. If classified as a hobby, the income generated is taxable, but the expenses incurred are not deductible, except to the extent of the income.

Maximize Tax Savings with IRS Hobby Loss Rules Explained Understand the IRS hobby loss rules and how they impact taxes, including the effect of the TCJA, profit motive factors, and deductions for hobby versus business

Opportunity to serve is a great privilege, appreciated service is honoring and should be humbling!!! Thanks to our esteemed clients.

Lawyers, keep your records in order to maximize your deductions and reduce your tax burden!

In Japan, becoming a CPA means passing one of the world's toughest CPA Examinations!