Daniel Astleford, CPA

Unlock $100,000+ in Tax Savings with Cost Segregation! Cost segregation isn’t just for those leveraging the REPS or STR loopholes. If you have a substantial source of passive income, you can still capitalize on cost segregation—even without using REPS or STR strategies. The potential tax savings are significant, but understanding how to maximize them is key. Crucial Tip: Simply conducting a cost segregation study won’t yield the full benefits. To truly unlock these savings, ensure the losses generated are strategically applied to offset other income—whether passive or non-passive. The rules can be complex, so careful planning is essential. Who Should Consider It? - Commercial and residential real estate investors/owners (excluding developers and flippers). - Those making improvements to existing properties. Key Considerations: - Due to its complexity, this process requires qualified professionals. - Be mindful that property dispositions might trigger a recapture of the benefits. Recaptured can be managed. #RealEstateCPA #InvestorFriendlyCPA #CPAforlandlord #BookkeepingforRealestate #savingtaxeswithrealestate #Capitalgaintax #Offsetcapitalgaintax #capitalgaintaxplanning #taxes #taxsavings #daveramsey #savetaxes #savemoney #cash #businessowner #Irs #richdadpoordad #realestate #taxtips #investing #investors #propertymanagement #rental #multifamily #highearners #syndicate #smallbusiness #commercialrealestateinvestment

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**🎯 Key Insights on Austin’s $1K Property Tax Hike 🏡** Austin homeowners are bracing for a nearly $1,000 property tax increase in the new fiscal year. Here's what you need to know: 🔍 **Key Factors Contributing to the Tax Hike:** 1. **Rising Property Values:** Higher home appraisals due to a booming real estate market. 2. **Increased Municipal Budgets:** Higher tax rates to fund essential city services and infrastructure projects. 3. **Raised School District Levies:** Additional funds required for local education, elevating the overall tax burden. 4. **Inflation & Cost of Living:** Adjusted tax rates to sustain operations amid rising costs. 5. **Annual Tax Reassessments:** Significant increases leading to higher property taxes. 💡 **Impact on Homeowners:** - **Financial Strain:** An additional $1,000 may impose significant financial stress. - **Reduced Affordability:** Higher taxes could make homeownership less affordable. - **Potential Displacement:** Long-time residents may face displacement due to the growing tax burden. - **Budget Adjustments:** Homeowners may have to make tough financial decisions, like cutting discretionary spending. 🛡️ **Strategies to Mitigate Property Tax Increases:** - **Appeal Your Property Tax Assessment:** Contest overvalued property assessments to lower your tax bill. - **Homestead Exemptions:** Utilize available exemptions to reduce your taxable property value. - **Budget Planning:** Adjust your household budget to manage the increased taxes. - **Consult a Tax Professional:** Gain personalized strategies to manage and potentially lower your property taxes. - **Long-term Financial Planning:** Implement long-term strategies to include tax-saving measures and avoid future hikes. As a business owner, understanding and planning for these increases is essential. Amidst rising taxes and living costs, proactive tax strategies can safeguard your financial health. 🔗 **Next Steps:** For tailored advice and strategies, set up a call with Together CFO by clicking the link below. **[Schedule a Call with Adam]**(https://lnkd.in/gEhBUk3S) Let's engage in a discussion on how to navigate these tax challenges effectively. Have insights or questions? Share them in the comments!

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Although we are still a small firm, due to many of our clients working remotely, we now have clients all over the 50 states. Through this, we noticed a major opportunity for tax deductions/strategy for those that happen to live in states that have state income tax. If you live in TX, WA, FL, etc., you can skip this. However, for those that live in states with income tax, such as California, New York, Illinois, Maryland, Virginia, Massachusetts, etc., this is very important. The 2018 tax changes limited federal deductions for state & local taxes to only 10k. If you own a business (s-corp or partnership, which includes Multi-Member LLCs), and live in certain states, we can bypass the 10k cap on state tax for you. The basic concept is as follows: The IRS no longer allows state & local deductions on your personal return in excess of 10k However, select states are now allowing state tax to paid from the business and then giving you a credit on the personal return, thus bypassing the cap If you owe over 10k a year in state taxes due to a pass-through corp, partnership, or Multi-Member LLC, we can elect to pay your personal taxes through the business and bypass this cap The effect can be thousands in tax savings. There are a few different unrelated opportunities for Single-Member LLCs and sole proprietorships. Connect with us if you have questions or are interested in having us implement any of this for you. Shri Hari 9 Universal Solution is a firm that specializes in bookkeeping, accounting & tax services. As a centrally located accounting and tax  firm in New Jersey, we work with a wide variety of business owners, CPA firms & individuals. We have the practical experience to help your business refine internal controls and processes to eliminate unnecessary expenses and keep more of your profits. Visit website for more information: www.shrihari9.com For regular update, follow & share our page: https://lnkd.in/eWsRaAg3 #accounting #AccountingJobs #accountants #assocham #applynow #bookkeeping #business #bookkeepers #cii #cpafirm #cpa #career #CareerGrowth #connections #cpa #ca #careeropportunities #cashflow #employee #employer #economy #ficci #Finance #FinancialReporting #financialservices #financialplanning #financejobs #growthmindset #healthcare #hiring #hr #innovation #IRS #jobs #JoinUs #networking #partnership #QuickBooks #recruiter #smallbusiness #tax #taxplanning #taxation #TaxCompliance #technology #uscpa #USA  #w2 #WalkinDrive #workfromhome #workfromoffice  

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Introducing Landry's New Tax Reform Plan: Key Insights and Opportunities for High Net Worth Individuals With Landry's new tax reform plan making headlines, it’s crucial for business owners and high-net-worth individuals to understand the major changes and seize potential benefits. Here are the standout features and opportunities from this comprehensive reform: **Key Insights:** 1. **Simplification of the Tax Code:** - **Reduction in tax brackets:** Consolidating into fewer categories to simplify tax calculations. - **Clearer deductions and credits:** Making it easier for taxpayers to access available benefits. - **Enhanced user experience:** Upgraded, more intuitive tax filing platforms. 2. **Business Tax Incentives:** - **Lower corporate tax rates:** Promoting competitiveness and encouraging business growth. - **Incentives for small businesses:** Tailored tax breaks to foster local economic development. 3. **Tax Relief for Middle-Class Families:** - **Expanded child tax credit:** More substantial support for families with children. - **Housing incentives:** Deductions and incentives for homeowners. - **Educational credit enhancements:** Making higher education more affordable. 4. **Impact on High-Earners:** - **New top tax rates:** Aiming for a more balanced and equitable tax system. - **Capital gains tax adjustments:** Addressing income disparities through fair taxation. 5. **Focus on Sustainable Initiatives:** - **Green tax credits:** Encouraging investment in renewable energy. - **Subsidies for eco-friendly practices:** Supporting sustainable business practices. - **R&D incentives:** Promoting development in green technology. **Opportunities:** 1. **Enhanced Savings:** Simplified tax code and new credits leading to substantial savings. 2. **Economic Growth and Job Creation:** Business incentives driving local investments and job creation. 3. **Support for Families and Education:** Making child-rearing and education more affordable. 4. **Sustainability Promotion:** Tax incentives encouraging eco-friendly practices, boosting green industries. Stay ahead by aligning your financial strategies with these new policies. For tailored advice on maximizing your tax savings, set up a call with Together CFO by clicking the following link: **[here](https://lnkd.in/gAa4dwUG. Engage with our insights — share your thoughts and experiences in the comments!

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In the last 3 months, seven clients approached me to transfer their businesses from Texas to Delaware. Here’s a concise, step-by-step guide to help you through the process. There are three main methods to transfer your business.👇 𝗗𝗶𝘀𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻/𝗙𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: Dissolve the entity in Texas and form a new one in Delaware. 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗥𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻: Register the Texas entity as a foreign corporation in Delaware (Ideal if you're continuing business in both states) 𝗗𝗼𝗺𝗲𝘀𝘁𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Transfer the company’s registration from Texas to Delaware through state-assisted procedures. 👉 𝗪𝗵𝗮𝘁 𝘁𝗼 𝗱𝗼 𝗼𝗻 𝗧𝗲𝘅𝗮𝘀 𝗽𝗮𝗿𝘁? - Submit a Certificate of Conversion to the Texas Secretary of State to convert your Texas entity into a Delaware entity. - Ensure all taxes are paid and the business is in good standing. Request Certificate of Accout status from the Texas Comptroller using Form 05-359. - File a Certificate of Termination 👉 𝗪𝗵𝗮𝘁 𝘁𝗼 𝗱𝗼 𝗼𝗻 𝗗𝗲𝗹𝗮𝘄𝗮𝗿𝗲 𝗽𝗮𝗿𝘁? - File Cover memo and Certificate of Incorporation - File Certificate of Conversion (if converting an existing entity type e.g., LLC to corporation) - Apply for a Business License (Depending on your business activities, you may need a Delaware business license and register for the state’s gross receipts tax.) Thinking about making this move? Let me know any questions that you have! 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗶𝗻𝗴𝗹𝘆 𝗼𝘃𝗲𝗿 𝟲𝟲% 𝗼𝗳 𝗙𝗼𝗿𝘁𝘂𝗻𝗲 𝟱𝟬𝟬 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗮𝗿𝗲 𝗶𝗻𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲𝗱 𝗶𝗻 𝗗𝗲𝗹𝗮𝘄𝗮𝗿𝗲. Taxbytes with #YourTaxGuy If you find thia useful consider reposting ♻️ in your network CA Nemin Vora #llc #llcformation #texas #delaware

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Most business owners I know struggle with optimizing tax positions effectively. Here’s what you need to know about DTA and DTL. Deferred tax assets are created when a company's taxable income is lower on its tax return than it is on its income statement or when the company has overpaid taxes and is eligible for refunds in future periods. This occurs due to timing differences that will resolve themselves in future periods, such as provisions for: - Bad debts - Pension liabilities - Carrying forward losses that can offset future taxable income. Journal Entry Example: Debit: Deferred Tax Asset Account Credit: Profit & Loss Account Deferred tax liabilities arise when a company’s taxable income is higher on its tax return than on its income statement. They are recorded as non-current liabilities on the balance sheet. Debit: Profit & Loss Account Credit: Deferred Tax Liability Account __ For businesses, these entries not only affect tax timing but also influence strategic decisions related to investments and the use of losses. They also provide insights into future tax burdens or benefits, which can significantly impact cash flow planning and profit distribution strategies. Plan smarter and forecast better by understanding the critical roles of deferred tax assets and liabilities in your financial statements. #assets #liabalities #finance

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There’s a question I get asked often: “How did you get started as a Fractional CFO?” And I want to share my journey with you. I started in public accounting and worked for multiple firms to gain experience. This foundation led me to a role at a timeshare company, where I honed my skills further. At the same time, I met an individual working with small-cap public companies who connected me with great companies to do various work for. These varied experiences allowed me to collaborate with a fantastic group of professionals, and together, we helped many companies and tackled a lot of diverse projects. One of our proudest achievements was uplifting a company public to the NASDAQ. Fast forward, and it had been 15 years. When I thought about what I truly loved throughout those years, it came down to being able to help companies implement meaningful change. Being a Fractional CFO has been such a pleasure, and I am excited to continue my work for many years to come. In the comments, tell me, how did you get started in your industry? #business #entrepreneur #insurance #healthinsurance #entrepreneurship

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𝗧𝗮𝘅 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝗡𝗼𝘁 𝗖𝗿𝗲𝗮𝘁𝗲𝗱 𝗘𝗾𝘂𝗮𝗹 ⚠️ Paying less taxes is on everyone’s mind but not all tax professionals are created equal. You are absolutely right! Most tax preparers are not tax strategists. Tax preparers prepare tax returns while tax strategists can help you reduce your tax liability. The cost of not changing direction and finding a tax strategist right now is leaving money on the table for the IRS! I can attest this problem can only be solved by: ✅ Making sure you are working with a tax professional who is credentialed such as a CPA (Certified Public Accountant) or EA (Enrolled Agent) ✅ Making sure your tax professional knows tax strategy ✅ Making sure your tax professional created a strategic tax plan that shows your tax savings ✅ Making sure you revisit your tax strategy after or before a major life event If you follow these steps you will most likely see increased business profits, less taxes owed to the IRS, and more money in your pocket to be utilized the way you want to use it. Share your thoughts and COMMENT below. 🔽 ➖➖➖ Over the last two decades, through strategic tax planning, I have helped multi-entity business owners increase business profits, pay less in taxes and keep more money. Through the "Smarta Method," I have successfully saved business owners on average more than $20,000 in income taxes annually. With over 1,600 tax strategies available, the "Smarta Method" identifies the ones that: 💰 Increase Business Profits 💰 Increase Business Cash Flow 💰 Increase personal wealth 💰 Reduce Taxes ***** 👉 Type “MARTA” in the COMMENTS, and I will send you a FREE PDF copy of my "5 Proven Steps to Stay in Charge of Your Hard-Earned Dollars and Keep Your Taxable Income in Your Pocket!" #entrepreneurship #money #strategy #consultants #business #smallbusiness

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No Tax on Tips from a Tax Professionals perspective. The idea of not taxing tips has a few problems but also a few planning considerations. This concept is popularized by Trump and then copied by Harris. However both have not mentioned the fact that there is a Ted Cruz bill in congress right now on this very topic. Currently, tips are taxable as compensation. Service workers accepted a lower than minimum wage hourly pay in return for the promise of tips. Tips traditionally are compensation for service provided and are subject to both employment taxes and income taxes. Both Trump and Harris are proposing not taxing tips, but have given no framework around how it will operate. About 3% of American workers are in a tipped profession. Challenges with the proposal are quite numerous. First, who will be covered by the no tax on tips proposal and at what income level? I have prepared tax returns for cocktail waitresses and strippers making multiple 6 figures in tips. Should they be covered by this proposal? Second, a no tax on tips proposal is a government subsidy on the service industry. Should people pay less than the standard 18% tip to compensate? Third, tax code changes and often these things expire. If compensation for other industries become tip centric and employer's then give their employees a very low base to account for tipping, what happens when the no tax on tips expires like the Trump era tax cuts? From a business owner side, if there are no guardrails on the no tax on tips idea, could you restructure your pay or how you ask for income from clients to be adjusted? A small base with a "suggested" tip? But then what if the client chooses not to pay the suggested tip, are you still obligated to provide the service? If something like this was to pass, I would immediately look at ways to restructure clients compensation packages to maximize any loopholes or unplanned tax advantages the bill would bring. I would definitely restructure my own compensation package to fit as well. It's only good business to find ways to aggressively lower taxes paid so I can reinvest in my business. Tax code is often quite complex with alot of moving pieces and a one sentence policy statement often takes time and deliberation from those behind the scene to draft good tax policy. I'm not holding my breath but what do you think? -Eric

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re: He used to owe $132,000 now it's $200 per month! See comments for the client’s testimonial. Technically the IRS has Klarna. They've been saying more people are doing the "buy now, pay later" approach... But, in this case - it's the BEST thing that can happen. There's a similar option available for handling your tax debts? It's called a Partial Payment Installment Agreement (PPIA). **The coolest thing is that once we negotiate and get you approved you end up paying dramatically LESS** A PPIA is a payment plan established with the IRS that allows you to make monthly payments towards your tax debt that are more in line with what you can afford. This means you won't have to pay off your entire debt in one large sum, and instead, can spread your payments out over time, much like Klarnas 'buy now, pay later' approach. **As you can see in the above testimonial, our clients are scoring enormous discounts on their tax debt. It's a beautiful thing for us to witness frantic clients become happy, peace-filled, and thankful from one great approval letter that we got on their behalf. Don't let the fear of tax debts cause unnecessary stress anymore... Reach out to us today, and let's explore the flexible solutions available to you. -- >> Click here to schedule your call: https://lnkd.in/eCY8dYz Or call 443.741.4188 during business hours to schedule with the team. NOTE: Your tax debt must be over $15,000 to qualify for this 3-step process. Learn more by scheduling your intro call. #tax #taxdebt #taxdebtrelief #taxes

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This article addresses some of the many benefits of the research and development tax credit.

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There is a common belief that recapture taxes diminish the value of performing a cost segregation study. However, this perspective overlooks the strategic advantages that a detailed cost segregation report provides. A cost segregation study allows for the precise identification of property components with varying depreciable lives. If an asset has been fully depreciated, and you dispose of it (say, by scrapping or demolishing it), there is generally no recapture since there's no sale or exchange generating a gain. With the detailed information from a cost segregation report, investors can effectively manage their assets. As assets are disposed of, the associated costs can be written off, minimizing the potential for recapture. Now, for assets that don't fall into this category and are still on the books, in these cases,you can look into a 1031 exchange, gifting them through a trust, or another advanced tax strategy. Bottom line: don’t believe everything you hear when it comes to recapture taxes diminishing the worth of a cost segregation study! #construction #realestate #taxes #future #success

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IRS audits don’t just target the ultra-wealthy—they happen to everyday people too. Out of four audits we’re currently handling, only one is for a wealthy client. The rest? Business owners and everyday investors like you. Here are a few common tax return red flags to avoid: - Misspelled words - Rounded numbers (they look suspicious) - Poorly labeled deductions (make them clear and reasonable) If you’re a business owner or real estate investor, staying compliant is key to building long-term wealth. Need help navigating tax strategies and avoiding red flags? Let’s connect! #TaxHelp #BuildingWealth #RealEstateInvesting #BusinessOwner #TaxStrategy

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Do you pay someone to run your payroll or do payroll manually still?? There’s absolutely no reason to anymore.. With payroll apps and PEO’s, payroll is easier than it’s ever been. These newer companies handle employee onboarding docs, direct deposit data, all of your tax payments and return filing and last but not least, they do your W2’s AND 1099 forms at year end. Did I mention they also integrate with your accounting software? My two favorites are: Gusto: So stinkin easy to setup, integrate with, and very simple and easy to find information on. I recommend this to smaller businesses that don’t need medical or extensive benefits. Also it’s dirt cheap! Rippling: They’re everywhere lately and for a good reason! 🚀 They’re cheap, have all the bells and whistles, and it’s a modern, easy to use software along with the PEO medical benefits and much more! What’s your favorite? P.S. Looking to switch? I’d be happy to chat with you about which system might be best for you.

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