For millions of Americans, April 15th (tax day) brings confusion and anxiety. Dealing with the IRS can be unnerving, and even a minor error on your tax return can mean audits, fees, and penalties. If you want to avoid unnecessary stress this year, these simple tax planning strategies can help make the process quick and stress-free:
Certified Public Accountants (CPAs) are some of the highest trained financial advisors. You can find them in some of the most trusted financial institutions you will work with. In order to receive the title, an individual must first complete school, they must then perform work to gain experience and pass the CPA exam, which is a rigorous one. Only then can the person become licensed. When you put your finances in the hands of a CPA, you can rest knowing you have someone who is among the best in the field. So, what types of things might you want a CPA for? Let's take a look.
No matter your business or industry, it's imperative to keep solid financial records. This is the one area of business that every enterprise has in common. However, managing to keep records for financial reporting is often easier said than done. Fortunately, the experts at MB Group can and will help.
If you're looking to start a business, it's critical to choose the right business entity; and there are a range of factors to consider. Arguably, the most important factor is the tax rate. And with today's preferential C-Corp tax rates, a growing number of business owners are asking "Should I restructure my company?" Before you decide to start a C-Corp or restructure your company, the experts at MB Group have provided an easy-to-read guide on C-Corp tax rates. Continue reading to learn more and don't hesitate to reach out to the business consultants and CPAs at MB Group for tailored solutions.
The benefits of owning a business are many, yet there is one substantial downside: you're responsible for saving for your own retirement. And unless you're planning on working forever, this is a big deal. Fortunately, there are multiple retirement plan options designed for small business owners.
As a business owner, you have no shortage of responsibilities vying for your attention. Finding enough time to balance the day-to-day of running a business is a job within itself. However, savvy business owners understand they can't do it all. Instead, these successful business leaders partner with accounting firms to outsource some or all of the financial aspects of the business. If this is where you're at, the experts at MB Group can help. Let's take a closer look at what to look for in an accountant for your business.
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.