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
Continue reading “GSK to close Carlisle site, move production to Puerto Rico”
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
Continue reading “Marriott’s Aloft Hotels makes Caribbean debut in Puerto Rico – Business Traveller”
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 Once that 5-year period tolls, earnings can only be withdrawn income tax-free if taken after age 59½ unless you qualify for certain exceptions.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you’ve had your Roth for less than five years, there are also exceptions that can exonerate you from the 10% penalty on withdrawn earnings — but not all income taxes (see below for more detail).
Continue reading “Roth IRA: A powerful vehicle to accumulate significant wealth”
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.
Continue reading “Including Puerto Rico in Your Tax Strategy Can Mean Big Savings”
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.
Continue reading “How Manufacturers Can Maximize their Wealth”
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.
Continue reading “THE NEW INCOME TAX BILL WILL NOT SAVE MUCH MONEY FOR MOST PASS-THROUGH 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”