EthicsPro Accounting

[WHITE PAPER] THE AUGUSTA TAX STRATEGY FOR TAX SAVINGS

Do you like to golf? Well, you are about to!

The Augusta Strategy, which is based on the most prestigious golf tournament of the year, can help save you thousands in taxes!

How? By simply renting your home. No sand traps required!

Read Full Article >> https://buff.ly/3JubYO0

👋🏼 Hey there retirement savers and planners!

I've got some news for you: the 2022-2023 Appropriations Bill (also known as the Omnibus) was just released, and it includes a major overhaul called Secure 2.0.

This overhaul will bring some big changes to retirement savings and planning for both individuals and small businesses:

➡️ The retirement age is going up from 72 to 75 over a period of 10 years (but don't worry, this won't affect those already at or near retirement age)

➡️ Automatic enrollment of at least 3% in 401(k) and 403(b) plans for those not already saving for retirement (with the option to opt out)

➡️ Increased credit for small businesses offering certain retirement plans, up to $1,000 per employee

➡️ The ability to roll over unused 529 plans funds into Roth IRAs

➡️ The option to withdraw up to $1,000 per year for a qualifying emergency

Wondering how these changes might affect your retirement plans? No problem, I've got you covered. Book a time to go through your specific plan here.

📊 Save On Taxes With The Right Entity Structure

⚠️ As a business owner, you know how important it is to save money. But did you know that one of the best ways to do so may be with the right entity structure? With the right entity structure, you can maximize your tax savings not just for this year, but for years to come. Let’s break down the different types of legal entities and how each one can benefit you.

🔗 Learn how to maximize your tax savings >> https://buff.ly/3YVUmRv

Are you tired of feeling like you’re navigating tax laws with a blindfold on? Or worse, a blindfold made of tax codes?

We believe filing your taxes shouldn’t feel like you’re in the movie bird box.

We specialize in providing expert tax guidance for small business owners like you. With our help, you’ll be able to see clearly and make sure you’re not leaving any money on the table, or in the IRS’s pocket.We are not only experts in tax laws, but also in making the process less painful and more enjoyable.

So, don’t let taxes be a burden for you, let us lighten the load and bring some humor to the table.

Don’t wait: https://buff.ly/3fqx5FS

📊 During Covid we took the opportunity to do some research. We found that most business owners think that their accountant, CPA, or tax preparer is saving them on taxes.

➡️ The fact is they aren’t.
➡️ They are just doing tax preparation.
➡️ They might check a few simple boxes while preparing your tax return but outside of that tax planning tax work.

🔵 Let’s look at why CPAs don’t tax plan and what role they can play in helping you manage your taxes. Learn More >> https://buff.ly/3JclvL6

🎉 Happy New Year... Last Chance for Year-End Tax Savings 🎉

Time is of the essence, if you want to reduce your tax bill you must act immediately or you will overpay the IRS.

Contact me immediately and I’ll see if I still have time to put together a tax plan— however I need more information from your side.

I hope we can save thousands of dollars!

Let’s talk —> https://buff.ly/3fqx5FS

There are 6 powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #6...

6. Deal with Your Qualified Improvement Property (QIP)

In the CARES Act, Congress finally fixed the qualified improvement property (QIP) error that it made when enacting the TCJA.

QIP is any improvement made by you to the interior portion of a building you own that is nonresidential real property (think office buildings, retail stores, and shopping centers)—if you place the improvement in service after the date you place the building in service.

The big deal: QIP is not real property that you depreciate over 39 years. QIP is 15-year property, eligible for immediate deduction using either 100 percent bonus depreciation or Section 179 expensing. To get the QIP deduction in 2022, you must place the QIP in service on or before December 31, 2022.

Planning note. If you have QIP property on an already filed 2019 return that you did not amend, it’s on that return as 39-year property. You need to fix that—and likely add some cash to your bank account because of the fix.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

There are 6 powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #5...

5. Don’t Assume You Are Taking Too Many Deductions

If your business deductions exceed your business income, you have a tax loss for the year. With a few modifications to the loss, tax law calls this a “net operating loss,” or NOL.

If you are starting your business, you could very possibly have an NOL. You could have a loss year even with an ongoing, successful business.

You used to be able to carry back your NOL two years and get immediate tax refunds from prior years, but the Tax Cuts and Jobs Act (TCJA) eliminated this provision. Now, you can only carry your NOL forward, and it can only offset up to 80 percent of your taxable income in any one future year.

What does this all mean? Never stop documenting your deductions, and always claim all your rightful deductions. We have spoken with far too many business owners, especially new owners, who don’t claim all their deductions when those deductions would produce a tax loss.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

There are 6️⃣ powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #4...

4️⃣ Use Your Credit Cards

If you are a single-member LLC or sole proprietor filing Schedule C for your business, the day you charge a purchase to your business or personal credit card is the day you deduct the expense. Therefore, as a Schedule C taxpayer, you should consider using your credit card for last-minute purchases of office supplies and other business necessities.

If you operate your business as a corporation, and if the corporation has a credit card in the corporate name, the same rule applies: the date of charge is the date of deduction for the corporation.

But suppose you operate your business as a corporation and are the personal owner of the credit card. In that case, the corporation must reimburse you if you want the corporation to realize the tax deduction, which happens on the reimbursement date. Thus, submit your expense report and have your corporation make its reimbursements to you before midnight on December 31.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

There are 6️⃣ powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #3...

3️⃣ Buy Office Equipment

With bonus depreciation now at 100 percent along with increased limits for Section 179 expensing, buy your equipment or machinery and place it in service before December 31, and get a deduction for 100 percent of the cost in 2022.

Qualifying bonus depreciation and Section 179 purchases include new and used personal property such as machinery, equipment, computers, desks, chairs, and other furniture (and certain qualifying vehicles).

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

There are 6️⃣ powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #2...

2️⃣ Stop Billing Customers, Clients, and Patients

Here is one rock-solid, straightforward strategy to reduce your taxable income for this year: stop billing your customers, clients, and patients until after December 31, 2022. (We assume here that you or your corporation is on a cash basis and operates on the calendar year.)

Customers, clients, and insurance companies generally don’t pay until billed. Not billing customers and clients is a time-tested tax-planning strategy that business owners have used successfully for years.

Example. Jake, a dentist, usually bills his patients and the insurance companies at the end of each week. This year, however, he sends no bills in December. Instead, he gathers up those bills and mails them the first week of January. Presto! He postponed paying taxes on his December 2022 income by moving that income to 2023.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

There are 6️⃣ powerful business tax deduction strategies you can easily understand and implement before the end of 2022. Here's #1... Stay for #2 - 6 coming soon!

1️⃣ Prepay Expenses Using the IRS Safe Harbor

You just have to thank the IRS for its tax-deduction safe harbors.

IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS.

Under this safe harbor, your 2022 prepayments cannot go into 2023. This makes sense, because you can prepay only 12 months of qualifying expenses under the safe-harbor rule.

For a cash-basis taxpayer, qualifying expenses include lease payments on business vehicles, rent payments on offices and machinery, and business and malpractice insurance premiums.

Example. You pay $3,000 a month in rent and would like a $36,000 deduction this year. So on Friday, December 30, 2022, you mail a rent check for $36,000 to cover all of your 2023 rent. Your landlord does not receive the payment in the mail until Tuesday, January 3, 2023. Here are the results:

You deduct $36,000 in 2022 (the year you paid the money).
The landlord reports taxable income of $36,000 in 2023 (the year he received the money).

You get what you want—the deduction this year.

The landlord gets what he wants—next year’s entire rent in advance, eliminating any collection problems while keeping the rent taxable in the year he expects it to be taxable.

Are you ready to start saving on taxes? Let's talk >> https://buff.ly/3fqx5FS

Tax policies can be subject to dramatic changes.

Many people like yourself will find they owe more in taxes this upcoming year, especially business owners who could see rising C corporation and individual tax rates.

What this means is that moving forward, everyone should have a tax plan, just as everyone should be making sound financial decisions.

Of course, we know in reality many people don’t do this — they don’t make the best financial decisions, and they don’t do tax planning.

Think about it like this: would you put $20K in a paper shredder?

Of course not. But not having a tax plan could be the equivalent, because you’re throwing money away by needlessly overpaying the IRS.

No matter if you use a professional tax planner or tax plan on your own, it’s likely you can save yourself some money simply by doing any kind of tax planning.

I’m willing to give you a free tax assessment if you want to get started.

Let’s talk —> https://buff.ly/3fqx5FS

Here are 3 quick tax credits you may not be using…

#1 Research and Development Tax Credit
The R&D tax credit is calculated as a percentage of your company’s R&D expenses. (You will be surprised what counts as R&D!)

#2 Work Opportunity Tax Credit
This credit rewards employers who hire workers from certain marginalized groups, including ex-felons, food stamp recipients, and veterans.

#3 F**A Tip Credit
The F**A tip credit is awarded to owners of service businesses — typically restaurants — whose workers make at least some of their income from tips.

Of course, these are just 3 of HUNDREDS of tax credits you might be eligible for. I want to make sure you’re not overpaying the IRS…so would you like to quickly discuss how a tax plan could bring you significant savings this year?

Let’s talk: https://buff.ly/3fqx5FS

What is the R&D tax credit, and who can claim it?

Originally, the R&D credit (which stands for “research and development”) was created to reward taxpayers in industries such as pharmaceuticals, biotechnology, aerospace and software, just to name a few.

But get this:

Today, thanks to a few tweaks to the law, the R&D credit is broad enough to benefit almost any industry!

Could you get a big tax credit through R&D?

Let’s find out in your free tax assessment.

Let’s talk: https://buff.ly/3fqx5FS

Every year, at the tax deadline, I have clients who want to save on taxes.

At that point, it’s too late.

If you want to save on taxes this year — and I mean pay LESS to the IRS — then you must act now.

Don’t wait. You don’t have the time to do so.

Tax planning starts now. Otherwise, you’ll likely owe more than you legally need to.

But that won’t matter to them.

They’re used to taxpayers overpaying.

Would you set aside a few minutes to see how we can avoid this?

Let's talk >> https://buff.ly/3fqx5FS

Accurate estimates can help you avoid a large tax bill at the end of the year, but here’s something to consider: Estimated taxes are not just about reflecting on the past.

Rather, they should serve as a proactive tax planning tool that helps you look into the future, shaping your business practices and prompting you to build a strategy to reach your goals.

Of course, estimating tax liability on income you haven’t yet earned can be tricky.

But we can help ensure your estimated taxes are as accurate as possible.

And if you’d like a free tax assessment, where we can show you potential areas in which you might be overpaying the IRS, would you be interested?

Let’s talk: https://buff.ly/3fqx5FS

I want to do more than just get your tax return done.

I want to use tax strategies to reduce your taxable income.

For many of my clients, it’s possible to legally reduce their tax obligation to zero, even for those who earn six-figure salaries.

Of course, your situation might be different — but isn’t it worth exploring?

I have hundreds of strategy combinations…

And can give you a multi-year, multi-entity plan.

Let’s talk —> https://buff.ly/3fqx5FS

Are you familiar with Tax Strategies?

These are strategies that increase your current cash flow and infuse cash back into your business so you can grow.

Our firm specializes in utilizing these strategies to save our clients significantly - $30K+ - on their tax liability.

Has your financial professional contacted you about how to save on taxes? If not, we need to talk! https://buff.ly/3fqx5FS

✳️ Do you know if your business is paying more taxes than necessary?

Sometimes, the entity election that worked for your business in the beginning may not be the best choice as your business grows.

Whether you have a C corporation, S corporation, partnership, LLC or even a sole prop, there’s a chance you can see significant tax savings by switching to a different entity type.

Did you know our firm specializes in entity optimization to save business owners like you money?

Let’s talk to see how much you can potentially save:
📅 Book A Time >> https://buff.ly/3fqx5FS

Many people wait until after the first of the year to contact their CPA. Don't wait to do year-end tax planning (not tax prep). I always tell my clients the best time to get started with a tax plan is now, not after the end of the year.

The reason is because tax planning strategies often take some time to implement.

Waiting until the very end of the year will likely mean missed opportunity.

If you’ve never done any tax planning, I think it’s time.

Book a one on one with me and I will answer any of your questions. Even if your CPA has already told you no.

Let’s talk —-> https://buff.ly/3B4S0qv

Inflation can affect your business in many ways, which could result in an inability to pay your taxes on time resulting in 0.5% - 25% of penalties by the IRS. Don't risk over paying unnecessary taxes! A simple tax assessment frees cash flow so you can run your business especially during times of high inflation.

Let's talk >> https://buff.ly/3B4S0qv

Pay your taxes, just don’t overpay your taxes 😉

One of the biggest problems in this country is that most specialty doctors, business professionals and business owners believe that their CPA, Accountant, Tax Preparer is saving them money on taxes - but they aren't! They're just preparing the returns. Our tax planning & advisory services go beyond mileage or home office reimbursements (tip of the iceberg) to save you THOUSANDS each year on taxes.

Stop overpaying taxes and schedule a FREE introductory call >> https://buff.ly/3B4S0qv

🎆 Happy Independence Day! May your holiday be filled with family, friends, food, fireworks and fun! 🎆

REMINDER >> It's now Q2, which means it's time to meet with your EthicsPro Team! Call us today to schedule your quarterly planning meeting.

95% of Health Care Professionals (dentists, anesthesiologist, specialty doctors) pay more in taxes than what is required by law, simply because they do not take advantage of tax saving opportunities provided by the U.S. tax code. We can help you change that!

Did You Know?

The IRS Raised the Standard Mileage Rate for Businesses by 4 cents for the final half of 2022.

Gas prices are higher than ever before. In an effort to help offset the expense at the pump, the IRS has increased the standard mileage deduction rate for businesses from 58.5 cents per mile to 62.5 cents per mile for July 1st - December 31st, 2022. What does this mean for you? Well, if you aren’t currently tracking mileage - you should!

Contact your EthicsPro rep today to start taking advantage of this deduction ASAP!

Have an upcoming trip? Wondering if it can be considered a travel expense? Here are a few key tips! 🌴🧳 ✈️
1️⃣ Costs must be reasonable and not extravagant.
2️⃣ Expenses should be incurred in the necessary course of business.

Here’s the issue with many CPA’s out there…

They’re focused on preparing 100’s of tax returns, hitting strict deadlines, and pretty much just surviving tax season. To them, you’re just another person on a long list. 🗒️

Yes, they get your return sent off, but they aren’t actually helping you pay LESS tax.
And that’s a problem.

Do you know how much tax you could actually save every year, instead of dutifully paying it? It could be (and more than likely is) thousands. 💸

It’s totally possible when you work with a CPA who truly understands the U.S. Tax Code and how to work with it so you can SAVE $’s.

This is our #1 priority at EthicsPro.

We’ve helped our business owner clients save thousands (and thousands and thousands) of dollars – and the figure keeps GROWING day by day. 📈

It’s not difficult when you’ve got the know-how, and it really does come down to a few simple things.

Schedule a quick, no obligation Introductory Call to see how you can have a stress free and profitable tax year!