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.
Continue reading “24 Pesky Tax Filing Mistakes That Cost Small Business Owners”
IRS increases visits to high-income taxpayers who haven’t filed tax returns
Make sure you file your taxes, but also make sure you have the right tax consultants.
#Act20 #Act73 #businessowner #taxsavings #taxlaw #Puertoricobusiness #financialplanning #taxplanning
IRS Proposes Rules On Permitted Meal Expense Deductions
IRS proposes updated guidance on business expense deductions for meals and entertainment.
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The New Kiddie Tax Rules: Back To The Future
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!
Continue reading “The New Kiddie Tax Rules: Back To The Future”
GSK to close Carlisle site, move production to Puerto Rico
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”
Hunter Maint. Leasing Corp. v. United States
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”
Marriott’s Aloft Hotels makes Caribbean debut in Puerto Rico – Business Traveller
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”
Roth IRA: A powerful vehicle to accumulate significant wealth
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”
Including Puerto Rico in Your Tax Strategy Can Mean Big Savings
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”
How to Help Our Fellow Citizens in Puerto Rico
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!