TLS Managing Partner, Dave Runge, Ph.D., discusses why tax reduction strategies are still relatively unknown concepts for small businesses.
Author: Tax Law Solutions
How effective tax planning reduces quarterly tax payments
Effective tax planning can significantly reduce the “triple-whammy” of tax payments all simultaneously due on July 15: for 2019 taxes, 2020 first quarter estimated taxes, and 2020 second quarter estimated taxes. By reducing those payments, business owners can preserve cash that may be vital for their ongoing business operations. TLS has been doing this for thousands of business owner clients for 15 years.
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Only 35 more days before tax payments are due. Act now to save!
Puerto Rican Sourced Income provides tax savings for entrepreneurs
Our tax attorneys and business strategists design tax plans that allow your business to benefit from Puerto Rico’s 4% corporate tax rate. Contact us today to learn more.
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Tax Day is around the corner
There are only 45 days until your 2019 tax returns and payments are due. Act now and our tax experts will reduce your tax obligation for this year and years to come!
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Happy Memorial Day weekend!
Wishing everyone a happy and safe Memorial Day weekend, from your tax attorneys and accounting professionals at TLS.
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Managing Partner of Tax Law Solutions discusses Tax Planning
Using CARES Act to become a time traveler
In his science fiction masterpiece, The Time Machine, H.G. Wells wrote: “[i]t is a law of nature we overlook, that intellectual versatility is the compensation for change, danger, and trouble.” Essentially, the line is a less pithy (and, arguably, more nuanced) version of Nietzsche’s “what doesn’t kill you makes you stronger.” And, like all true aphorisms, the poignance of Wells’ observation from the late nineteenth century transcends Time itself. Inarguably, the turmoil engendered by the Virus and the subsequent economic shut-down has given us a world that is replete with “change, danger and trouble”. And, for those select, informed few whose “intellectual versatility” has strengthened amidst the din, a wide portal to economic opportunity has opened.
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Loan forgiveness expenses not deductible
The IRS confirms that businesses using the PPP loans can’t use the expenses for wages, rent, etc., to offset taxes – even though they are normally fully deductible.
Record Keeping is key!
Are you aware of the various record keeping requirements for the new tax laws and credits? Our office can provide you and your business the guidance it needs to ensure compliance!
#taxlawsolutions #taxlaw #taxattorney #taxplanning #taxconsulting #puertoricobusiness #act20 #act73 #opportunityzones #taxsavings #taxstrategies #smallbusiness #businessowner #businessstrategies #tax #taxrelief