The IRS can be intimidating, regardless of your income bracket. And when you are considered to be a high earner or high-net-worth individual, the fear of an audit becomes even more alarming. And rightly so! Statistically, people with high net worth or assets with at least $1 million are two to 10 times more likely to be audited than someone in a lower tax bracket. There are two general reasons why:
Cash is the most liquid asset any company has. That’s why the ability to produce cash is one of the most important factors that an investor looks at when assessing financial health and stability. Cash flow statements reveal how able a company is to pay its short-term expenses and show its viability as a long-term investment.
For most people with a high-net worth, the ultimate goal is to ensure those you care the most about are cared for and provided for—even after you're gone. And the CPAs at MB Group can utilize tailored strategies to help you achieve your short-term and long-term goals. We will help you navigate the complexities of tax laws and financial tools to give you superior peace of mind—knowing your loved ones will be cared for. While everyone's needs can vary, a few typical wealth planning strategies we use are listed below.
You've worked hard to create a life and lifestyle you can be proud of. It only makes sense for you to take the necessary steps to secure your future. And the experts at MB Group can help. We're a team of Certified Public Accountants (CPAs) who offer exclusive experience helping high net worth individuals plan for a successful retirement.
Tax season can be a chaotic and stressful time for many Americans. Each year you likely have a laundry list of questions and don’t always know where to begin to turn in order to get the answers you need. In your search you may come across a variety of options for tax professionals, but how do you know you’re choosing the right one for your tax preparation needs?
If you're considering legitimizing your real estate investment projects into a business, one of the first steps is selecting the best business entity or business structure. The structure of your business should be based on research and careful consideration of a variety of factors. Some of the most common factors you should consider concerning your real estate business structure include:
Creating a new company is an exciting but often confusing venture. There are so many decisions to be made, and each choice will impact your business for years to come. The first thing that every new business owner must decide is which business structure works best for their needs. For small business owners, the three most popular options are Sole Proprietorship, Limited Liability Company (LLC), or S-Corp.
The 1031 exchange is a powerful tool that can help you save immensely on taxes following the sale of a property. It's a tax-deferral program that allows you to sell a property and then reinvest the proceeds from the sale into another property of greater or equal value.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act stands as one of the most important pieces of legislation in the last decade. Even though it includes several provisions that directly impact small business owners, most know very little about the SECURE Act other than its name.
Are you an individual or business who owns real estate? If so, you may be eligible to use the cost segregation tax planning strategy. In the simplest sense, cost segregation is a process where certain parts of leased or owned real estate are reclassified to optimize depreciation. Previously reserved for use by the nation's largest real estate owners and the major accounting firms, cost segregation has now become a go-to tax planning strategy for real estate owners and properties of all sizes. Let's take a closer look at cost segregation.