Here are some tips to discuss with your tax pro to improve your tax situation and hopefully keep working capital in your bank account rather than in Uncle Sams pocket:

Start a retirement plan. If you are finally a few bucks ahead and don’t have a retirement fund, now is the time to start one. Here is the bonus: it is deductible!

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The 2015 tax season is here. Tax planning is a critical part of a small business owners financial plan. The majority of small business owners ignore tax planning; yet good tax advice is a very valuable for a successful business. There are many tax planning strategies available to small business owners. Below are a just a few:

Lowering your tax rate to reduce the amount of taxable income
Taking advantage of available tax credits
Controlling the effects of the AMT (Alternative Minimum Tax)

I encourage business owners to work with a competent accountant or CPA on at least a quarterly basis to take full advantage of all the tax provisions that are available.

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"We understand that tax planning and preparation can be a daunting task for many individuals and businesses," said Clark Savage, founder of Savage Accountancy, APC.

The tax accountants at Mew discuss what the 2024 tax changes mean to Canadian-Controlled Private Corporations (CCPCs).

Taking advantage of tax planning opportunities is more important than ever in 2024

Michael Hainkel is honored for his contributions in executive leadership with Lions Gate Entertainment

The end of the year is fast approaching whether we are ready or not! There are several tax savings strategies that you can utilize to reduce the taxes you will be paying for the 2019 tax year.
Bunch Itemized Deductions… Read More

The post 2019 Year-End Tax Planning Strategies appeared first on Anders CPAs.

Virus could hit the way Indian revenue authorities tax their individual, foreign income.

Patrick Merrill Brody was sentenced on May 6, 2011, to 10 months of prison, 12 months of supervised release and ordered to pay the costs of prosecution for willfully failing to file a federal income tax return for 2001

Malta has reiterated its commitment to fighting aggressive tax planning, joining other EU member states who have unanimously agreed to amend the EU's tax information sharing law, the Directive on Administrative Cooperation.

This paper assesses the effect of international differences in taxes on the choice of patent location by multinational enterprises (MNEs). The analysis is based on a large sample of patents and firms from the OECD-PATSTAT and OECD-ORBIS databases over 2004-10.

This paper assesses how international tax planning affects real business investment by multinationals. Earlier studies have shown that corporate taxes reduce business investment. This paper shows that tax planning multinationals are less sensitive to corporate taxes than other firms in their investment decisions.

This paper exploits firm-level data from the ORBIS database to assess international tax planning by multinational enterprises (MNEs).

This paper describes the main anti-avoidance rules against international tax planning by multinational enterprises in OECD and G20 countries.

Multinational enterprises (MNEs) manipulate the location of their debts to reduce their corporate tax burden. Indeed, by locating debts in higher-tax rate countries, MNEs can deduct interest payments against a higher tax rate. This paper provides evidence of such manipulation of debt location.

This paper investigates if tax planning by large multinationals distorts competition in their favour and allows them to crowd out other firms. The competitive implications of tax planning are frequently mentioned in the tax policy debate, but not yet documented empirically to our knowledge. This paper aims to fill this gap.

LexisNexis

Valuable insights and tips for strategic tax planning

With authoritative advice from some of the leading experts in the industry, this focused resource gives you quick answers to questions that commonly arise when developing tax strategies for owner-managers of privately held corporations and small businesses.

It discusses tax issues for various stages of the small business lifecycle and provides valuable insights and tips for delivering the best solutions to your clients. Designed as an all-in-one small business resource, it also includes information relating to federal income tax, GST/HST and provincial tax.

Topics covered include:

• Incorporation and basic corporate tax planning
• Distributions to owner-managers (salaries and bonuses)
• Income splitting through an incorporated business
• Small business deduction for qualifying businesses
• Retirement compensation arrangements (stock options)
• Employee equity participation
• Business deductions and tax incentives
• Capital cost allowance (depreciation)
• Purchase and sale of a business
• Capital gains exemption
• GST/HST
• Provincial commodity tax

• Small Business Times newsletter
• News Tracker brings you up-to-the-minute information on the latest tax developments. You choose the topic and how frequently you want to be updated.
• CRA documents on income tax and GST/HST
• Activity logs help you keep track of time spent on research
• Free training and technical support

Wolters Kluwer CCH research subscriptions deliver the most timely, relevant and reliable tax information and commentary to Canada's tax professionals, significantly reducing research time.

Professionals who subscribe to the Tax Planning for Small Business Guide also find these publications instrumental to their practice:

• Canadian Estate Planning Guide
• Canadian Wealth Management Guide

If you would like more details about this product, or would like to order a copy online, please click here.

Individuals moving between Canada and the United States face a daunting array of Canadian and U.S. tax issues, particularly when the move is due to an employment-related transfer. This book provides an overview of key taxation principles related to employment both in Canada and in the United States, and highlights the interaction between the tax laws of these two countries. For employers, this book offers practical guidance on tax issues for the purpose of managing expatriate costs, designing an effective cross-border employee relocation program and retaining key employees.

Key Topics include:

• Overview of the Canadian and U.S. personal tax systems
• Tax reimbursement programs, including sample tax equalization calculations
• Foreign tax credits and tax relief available under the Canada-U.S. tax treaty
• The implications of changes under the fifth protocol to the Canada-U.S. treaty which entered into force on December 15, 2008
• Investments in partnerships, limited liability companies, and other entities
• Taxation of artists and athletes
• Estate planning, including U.S. estate tax issues
• Executive compensation, including various types of equity compensation and long-term incentive plans available
• Expanded discussion on the U.S. deferred compensation rules 

About the Author

Benita Loughlin, CA, is a Partner in the International Executive Services practice at KPMG LLP in Vancouver, B.C. She specializes in tax planning and compliance for individuals, estates and trusts in a U.S. and cross-border context. She advises executives and their employers on tax matters related to compensation, investments, retirement plans, estate planning, and expatriation, with emphasis on employees relocating to or from other countries. The book includes contributions from KPMG International Executive Services professionals in Vancouver who specialize in helping clients manage complex personal tax issues in a cross-border environment. KPMG’s multinational corporate clients face challenges managing tax issues that affect their global workforce. Executives and employees rely on KPMG’s international tax planning to help manage their tax liabilities and maintain their global workforce.

If you would like more details about this product, or would like to order a copy online, please click here.

Completely revised and updated to reflect the numerous new tax planning options, strategies and considerations in light of new tax legislation and other developments in the tax law.

• Importance of Tax Planning
• Income Subject to Tax
• Making Deductions Count
• Investment Decisions
• Retirement Planning Considerations
• Minimizing Estate and Gift Taxes
• Family Tax Planning Strategies
• Estimated Tax
• Business Planning

The guide provides “Examples” that illustrate the application of the tax laws. It also includes "Planning Alerts" and "Tax Tips" which highlight important tax planning advice and information.

Chapter 1: Importance of Tax Planning
Chapter 2: Income Subject to Tax
Chapter 3: Making Your Deductions Count
Chapter 4: Investment Decisions
Chapter 5: Retirement Savings
Chapter 6: Early Retirement and Post-Retirement Strategies
Chapter 7: Estate Planning – Minimizing Estate and Gift Taxes
Chapter 8: Family Strategies
Chapter 9: Education Incentives
Chapter 10: Estimated Tax
Chapter 11: Business Planning
Chapter 12: Tax Strategies for the Self-Employed
Appendices

• Tax Planning Checklist
• Tax Calendar
• Income Tax Rates
• Deduction Checklist

196 pages

If you would like more details about this product, or would like to order a copy online, please click here.

This new edition of the popular Tax Planning Strategies book has been completely revised and updated to reflect the numerous new tax planning options, strategies and considerations in light of new tax legislation and other developments in the tax law.

• Importance of Tax Planning
• Income Subject to Tax
• Making Deductions Count
• Investment Decisions
• Retirement Planning Considerations
• Minimizing Estate and Gift Taxes
• Family Tax Planning Strategies
• Estimated Tax
• Business Planning

The guide provides “Examples” that illustrate the application of the tax laws. It also includes "Planning Alerts" and "Tax Tips" which highlight important tax planning advice and information. 

Other helpful appendices include:

• Tax Calendar
• Income Tax Rates
• Deductions Checklist

If you would like more details about this product, or would like to order a copy online, please click here.

Authors: Gordon D. Henderson, J.D. and Stuart J. Goldring, J.D.

Deals with the problems of financially distressed corporations and their creditors and shareholders from the early warning time when their cash flow becomes insufficient to service their debt, through the problems and opportunities arising from the need to modify their debt, to the later potential need to exchange their debt for equity, and to the ultimate potential consideration of the need to seek the protection of the bankruptcy courts. In the course of its analysis the book discusses recapitalizations, two-company combinations and acquisitions, utilizing tax losses, consolidated return problems, bankruptcy aspects of federal tax procedure, and state and local tax aspects of bankruptcy.

• Developing a strategy for a failing company
• Bankruptcy versus nonbankruptcy restructuring
• Deductions and accrual of interest
• Debt modification
• One-company equity-for-debt re-capitalization
• Two-company reorganizations involving a failing company
• Utilizing tax losses
• Special problems of multi-company debtor groups
• Liquidating trusts, escrow, and the like
• Bankruptcy aspects of federal tax procedure
• State and local tax aspects of bankruptcy
• Liquidating bankruptcies
• Deductibility of expenses during bankruptcy

If you would like more details about this product, or would like to order a copy online, please click here.

Authors:  Gordon D. Henderson, J.D. and
                 Stuart J. Goldring, J.D.

Deals with the problems of financially distressed corporations and their creditors and shareholders from the early warning time when their cash flow becomes insufficient to service their debt, through the problems and opportunities arising from the need to modify their debt, to the later potential need to exchange their debt for equity, and to the ultimate potential consideration of the need to seek the protection of the bankruptcy courts. In the course of its analysis the book discusses recapitalizations, two-company combinations and acquisitions, utilizing tax losses, consolidated return problems, bankruptcy aspects of federal tax procedure, and state and local tax aspects of bankruptcy.

• Developing a strategy for a failing company
• Bankruptcy versus nonbankruptcy restructuring
• Deductions and accrual of interest
• Debt modification
• One-company equity-for-debt re-capitalization
• Two-company reorganizations involving a failing company
• Utilizing tax losses
• Special problems of multi-company debtor groups
• Liquidating trusts, escrow, and the like
• Bankruptcy aspects of federal tax procedure
• State and local tax aspects of bankruptcy
• Liquidating bankruptcies
• Deductibility of expenses during bankruptcy

Related Products

U.S. Master Tax Guide (2014)
INTERNAL REVENUE CODE: Income, Estate, Gift, Employment and Excise Taxes (Winter 2014 Edition)
Income Tax Regulations (Winter 2014 Edition), December 2013 (US)
Almanac of Business & Industrial Financial Ratios (2014)

If you would like more details about this product, or would like to order a copy online, please click here.