Cash Flow & Tax Planning
Most people wish to maintain their current lifestyle and ultimately seek true financial freedom. Deterrents such as high income taxes can have a negative impact on your cash flow, but with proper planning, you could pay 30 to 50 percent less in taxes, and subsequently invest or retain more of your earnings. Lower taxes have some obvious, and some less obvious benefits. Most importantly, lower taxes mean:
- More cash flow for spending, saving or giving away
- Reduced draw on your assets
- More confidence during retirement
- Strengthening your financial outlook
In most situations we work in conjunction with your CPA to help you plan and implement a strategy designed to reduce your taxes and increase your income, giving you more opportunities to pursue your interests.
Red Flags for Tax Auditors
Here are six flags that may make your tax return prime for an IRS audit.
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Filing Final Tax Returns for the Deceased
The federal government requires deceased individuals to file a final income tax return.
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Tax Deductions You Won't Believe
Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.
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