No. 6 on this list is in an important one – Be proactive with your tax planning. It’s never too early in the year to worry about your taxes.
Make sure you file your taxes, but also make sure you have the right tax consultants.
IRS proposes updated guidance on business expense deductions for meals and entertainment.
Are you aware of the latest changes to the Kiddie Tax? Tax Law Solutions will keep you informed on any tax law changes that could potentially affect you and your business. Contact us today!
More big business moving production to Puerto Rico. Could your business do the same? TLS has the knowledge and expertise to assist you. #Act20 #Act73 #businessowner #taxsavings #taxlaw #Puertoricobusiness #financialplanning #taxplanning
New case law states that relying solely on a CPA or an employee to file a business return does not absolve the company President or Board members for any late/missed filings by the business. Continue reading “Hunter Maint. Leasing Corp. v. United States”
Fortune 500 companies continue to expand their operations in PR. What do they know that you don’t? TLS has the answer. #Act20 #Act73 #Act22 #businessowner #taxsavings #taxlaw #Puertoricobusiness #opportunityzones #financialplanning #taxplanning #taxconsulting
Most people are aware that Roth IRAs enable after-tax contributions to grow income tax-deferred. Moreover, provided that certain conditions are met, distributions of not only contributions—but also investment growth—of a Roth IRA can be taken income-free provided that you’ve owned the IRA for at least 5 years. The five-year period begins on Jan. 1 of the year you made your first contribution to your Roth. Once that 5-year period tolls, earnings can only be withdrawn income tax-free if taken after age 59½ unless you qualify for certain exceptions. To be clear, however, if you’ve had your Roth for less than five years, there are also exceptions that can exonerate you from the 10% penalty on withdrawn earnings — but not all income taxes (see below for more detail).