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Important Notice: The content provided on this website is for educational purposes only and is not intended as professional advice. It is not a substitute for personalized consultations with one of our skilled CPAs or investment advisors. Our firm does not support the general application of the strategies discussed, as they may not apply to…

Important Notice: The content provided on this website is for educational purposes only and is not intended as professional advice. It is not a substitute for personalized consultations with one of our skilled CPAs or investment advisors. Our firm does not support the general application of the strategies discussed, as they may not apply to…

As the general partner (GP) of a partnership, ensuring that your records are organized and up-to-date at the close of the year is essential for tax compliance, accurate financial reporting, and minimizing potential issues during audits. Below are key tax and accounting activities that the general partner should focus on to close out the year…

For an owner of an S Corporation (S Corp), closing out the year with organized and up-to-date records is crucial for both tax compliance and effective business management. Below are key tax and accounting activities to focus on to ensure everything is in order: 1. Review Financial Statements 2. Reconcile Bank Accounts 3. Ensure Accurate…

As the year-end approaches, sole proprietors should prioritize specific tax and accounting activities to ensure their records are organized and ready for tax season. Here’s a comprehensive checklist: 1. Reconcile Financial Records 2. Review Income and Expense Reports 3. Estimate and Pay Taxes 4. Maximize Deductions 5. Review Outstanding Invoices and Accounts Payable 6. Evaluate…

Important Notice: The content provided on this website is for educational purposes only and is not intended as professional advice. It is not a substitute for personalized consultations with one of our skilled CPAs or investment advisors. Our firm does not support the general application of the strategies discussed, as they may not apply to…

Introduction: What Are Family Limited Partnerships and How Can They Help You Save on Taxes? When it comes to wealth preservation and minimizing tax liabilities, family limited partnerships (FLPs) have become an increasingly popular tool for high-net-worth families. These partnerships allow family members to pool assets, share profits, and, most importantly, reduce the impact of…

Important Notice: The content provided on this website is for educational purposes only and is not intended as professional advice. It is not a substitute for personalized consultations with one of our skilled CPAs or investment advisors. Our firm does not support the general application of the strategies discussed, as they may not apply to…

Introduction As a 1099 contractor, choosing the right business structure is a critical decision that can impact your taxes, liability, and growth opportunities. Two popular options for freelancers and independent contractors are sole proprietorships and partnerships. Each has its unique advantages, challenges, and tax implications. In this guide, we’ll break down the key differences between…

Important Notice: The content provided on this website is for educational purposes only and is not intended as professional advice. It is not a substitute for personalized consultations with one of our skilled CPAs or investment advisors. Our firm does not support the general application of the strategies discussed, as they may not apply to…