Puerto Rico is a self-governing United States territory, which means that they do not have to pay federal taxes like all the 50 states and DC must. Over the last decade, the island has made great strides to bolster its economy by creating aggressive tax incentives for businesses.
More than seven months after Hurricane Maria hit Puerto Rico, the island is still experiencing the effects of the storm’s devastation. Just recently, residents experienced another island-wide power outage (https://www.npr.org/sections/thetwo-way/2018/04/18/603569966/puerto-rico-loses-power-again). Despite difficult terrain and budget issues, Puerto Rico is striving to rebuild in the wake of the hurricane.
At Tax Law Solutions, we have a special place in our hearts for Puerto Rico. Our business is headquartered there (we also have an office in Illinois), and most of our team members are residents on the island. Puerto Ricans are strong people, and as fellow U.S. citizens, there are many ways we can offer support to help them rebuild. Below there are two examples of charitable organizations.
Unidos Por Puerto Rico – https://www.unidosporpuertorico.com/
Founded by the first lady of Puerto Rico, Unidos provides assistance to individuals and small businesses devastated by Hurricanes Irma and María. Unidos accelerates recovery by supporting needs of shelter, food and health to help rebuild lives and communities in Puerto Rico.
Hispanic Federation – https://hispanicfederation.org/donate/
Hispanic Federation (HF) is the U.S.’s premier Latino non-profit membership organization. Founded in 1990, HF seeks to support Hispanic families and strengthen Latino institutions through work in the areas of education, health, immigration, civic engagement, economic empowerment, civil rights, organizational development, and the environment. One of their special incentives is Disaster Relief Assistance. You can specify Puerto Rico Hurricane Relief with your donation.
A donation can also be a win-win situation, by helping Puerto Rico and also reducing your tax liability. It’s TLS’s mission to help you create a plan that will maximize your wealth so you can build a more secure future. If you’d like to learn more about reductions to your tax liability, please get in touch with TLS for a complimentary analysis!
The 2017 tax year has come to a close, and the new “Tax Cuts and Jobs Act” (TCJA) is officially in effect as of January 1, 2018. If you own any company organized as a pass-through entity (Noncorporate business), you may be thinking you’re in the clear for 2018 – surely you’ll be paying a lot less in taxes this year, right? Well, that may not be true as some of the deductions you may have utilized prior to this year have been phased out. If you’re hoping to minimize your tax liability and retain more revenue this year, you might want to consider the following questions: Continue reading “Own an S-Corp? Consider These Three Questions for Tax Year 2018”
If you own a business that manufactures a product, you may be wondering which options are available to maximize your wealth, optimizing your business structure, and minimizing your tax liability this year – and in the future. After all, by retaining more of your income, you’ll be able to reinvest in your business, leading to more growth and stability for you and your employees.
You’ve probably been hearing a lot about the new tax bill Congress passed at the end of last year. The majority of business owners believe they just received a huge tax cut and that, in the years to come, they will have more liquidity to do with as they please. Unfortunately, many will most likely see a reduction of less than 5% in their tax liability.
By Jeremy Colombik, CPA
President, Management Services International
and Richard M. Colombik, JD, CPA, Tax Law Solutions
The end of 2017 delivered uncertain tidings concerning what effect the Tax Cuts and Jobs Act, the most significant US tax reform in more than 30 years, would have on the captive insurance industry. While the law affects larger captive insurers, or 831(a)s, changes are less significant for smaller captive insurance companies, or 831(b)s. Continue reading “Will the Tax Cuts and Jobs Act Affect Small Captive Insurance Companies?”
We are pleased to announce that Richard M. Colombik, Attorney, CPA together with Christopher Hynes, JD CFP, both of Tax Law Solutions, LLC are conducting a live webinar “Illinois Asset Protection Planning” on January 23, 2018. Continue reading “Illinois Asset Protection Planning Webinar”