Trump’s Proposed Tax Changes

Today, Treasury Secretary Steven Mnuchin and Chief Economic Advisor Gary Cohn outlined President Trump’s proposed tax changes. During the presentation, they summarized the president’s proposal to cut the number of income tax brackets to three, with respective rates of 35%, 25% and 10%.Other proposed changes include a corporate tax cut to 15%, elimination of many tax deductions, as well as a removal of the estate tax and alternative minimum tax (AMT). These proposed changes align closely with the president’s campaign plan.Though...

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Guide to Financial Statement Services

Guide to Financial Statement Services - Compilation, Review & AuditAs a business owner, there may be many reasons you may need to have your financial statements prepared by an independent licensed Certified Public Accountant. Whether you are a contractor looking to get licensed in your state; or whether you need financial statements for your bank, lender, investors or bonding company – you might be wondering what all the different types of financial statements are and what are their differences....

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Last minute year-end tax savings strategies

If you’re like the rest of us in today’s faced paced world… you look up and find yourself having to do everything at the last minute. Well here are some quick last minute year-end tax savings strategies for you and your business.Cash basis business owners:Hold deposits to deposit after the year flips to defer income recognitionPrepay expenses, vendors, retainers, etc to accelerate deductionsConsider using a credit card to pay deductible expenses before the end of the year. Doing so...

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Using real estate to build wealth

How Trump used the Tax Code to build wealth and How You Should TooDid you know that real estate is the only investment in the US that can be expensed? You can’t expense the purchase of stocks, bonds, or investments, however, you can expense your investment in real estate; and often times… do most of that expensing upfront. Note in the article, how The New York Times mentions how Trump used cost segregation to generate non-cash Federal tax losses.Real Estate is also...

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Defined Benefit Plan

What's the difference between a defined benefit plan and a defined contribution plan?A defined-benefit plan guarantees a specific benefit or payout upon retirement. The contributions needed to meet this specified amount at retirement are tax deductible and can allow business owners to make large, tax deductible contributions into their own plans during their high income years. As individuals plan for retirement, it's important to understand the difference between these two benefit plan types.A defined-benefit plan guarantees a specific benefit...

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Are you in need of life insurance?

Hello friends. As the world gets more and more chaotic every day, I have been thinking about the recent passing of friends and family members. Not everybody wants to talk about life insurance, but we all will leave this world one day. Life happens, and we should all be prepared. Whether it’s funeral expenses or income protection for your family and loved ones, this is a conversation that you should have with your insurance advisor sooner rather than later....

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What are common business deductions?

Business expenses are the cost of carrying on a trade or business. Deductible business expenses (business deductions) are those that are ordinary and necessary which were paid (cash basis) or incurred (accrual basis) during the year. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business.Business deductions are usually tax deductible if the business operates to make a profit....

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ALTA Best Practices Compliance

Is your Title Company prepared to take itself to the next level with ALTA Best Practices Compliance?It’s a dog-eat-dog world where everybody is looking to gain a competitive advantage. Being in compliance with ALTA Best Practices and being certified can provide the competitive advantage you are looking for. The type of engagement, controls and procedures matter to banks. Title insurance and settlement companies should dig in and analyze their framework in order to determine the condition your business. Below...

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