Income taxes are an important component for clients to consider. This resource is provided to help clients understand current federal income tax laws and ways to reduce income tax exposure.
Individual
It is important to understand the income tax laws that apply to individuals. The following information regarding individual income tax laws is intended to educate you on your exposure to income tax liability and potential tax-savings opportunities.
Income, Deductions, and Credits
Personal Income and Tax is designed to help you understand how income tax applies to individuals and Personal Deductions and Credits helps you evaluate whether you are using some of the deductions and credits available to reduce income tax liability.
Personal Income and Tax
Personal Tax Deductions and Credits
Retirement
Certain retirement savings vehicles are available to enable you to develop a strategy for retirement in a tax-efficient manner. Utilizing Retirement Planning to Reduce Income Tax can help you determine if you are saving for retirement in the most tax-efficient manner and the Required Minimum Distribution tool can help you assess what income must be distributed from certain qualified retirement plans when you reach age 72.
Utilizing Retirement Planning to Reduce Income Tax
Required Minimum Distribution Calculator
Even More Secure: Summary of Key Provisions in the SECURE 2.0 Act
Tax-Free Exchanges
Deferring Tax Upon the Disposition of Real Estate describes how 1035 exchanges can be used to reduce current income tax liability for certain taxpayers.
Deferring Tax Upon the Disposition of Real Estate
Charitable Giving
For clients with a charitable objective, Utilizing Charitable Giving to Reduce Income Tax and Conservation Easements contain preliminary information on how to provide for charity in a tax-efficient manner.
Utilizing Charitable Giving to Reduce Income Tax
Conservation Easements
Business
An understanding of income taxes is a necessary component of ensuring a business is operating efficiently and effectively. The 2017 changes to the law have drastically impacted how businesses are taxed and created some tax-saving opportunities for businesses and business owners. The following is intended to educate you on the income tax liability your business may be exposed to as well as options that may exist to reduce your business's exposure to income tax liability.
Deductions, and Credits
Business Deductions and Credits and Tax Benefits of Research and Development can help you to evaluate whether your business is utilizing available deductions. Will Your Pass-Through Benefit from the Reduced Business Tax Rate provides an overview of how the current tax law may impact your taxes and the Qualified Business Income Estimator can help calculate whether you might benefit from the current law.
Business Income Tax Deductions and Credits
Tax Benefits of Research and Development
Will Your Pass-Through Benefit from the Reduced Business Tax Rate?
Estimated Tax Deduction for Qualified Business Income example
Entity Selection
Taxation of Business Entities provides an overview of how a business's entity selection can impact taxes. How are C Corporations Taxed and How are Pass-Through Entities Taxed provide more detail to help you consider the income tax attributes of your business.
Taxation of Business Entities
How are C Corporations Taxed?
How are Pass-Through Entities Taxed?
Employment Taxes
An efficient structure can significantly reduce the employment taxes that a business must pay. Using a Common Paymaster to Reduce Taxes provides information on how employment taxes can be reduced for some business owners. Making an S Election to Minimized Self-Employment Taxes is a tool that can help you analyze whether an S election could reduce your exposure to employment taxes.
Using a Common Paymaster to Reduce Taxes
