Tax Planning 2024: How to Utilize Grantor Retained Annuity Trust (GRATs) for Tax Savings​

At our company BSE Accounting, we have often witnessed clients seeking effective strategies to preserve and transfer their wealth efficiently. One powerful tool that I frequently recommend, especially in the current tax environment, is the Grantor Retained Annuity Trust (GRAT).  Here, today we will share our insights and experiences on how to utilize GRATs for […]

Tax Planning 2024: Understanding Intra Family Loans and Mortgages

Tax Planning 2024 Understanding Intra Family Loans and Mortgages

As we approach the 2024 tax season, it’s crucial to delve into strategic tools like intra family loans and mortgages. These financial instruments not only facilitate wealth transfer within families but also provide potential tax benefits when structured correctly.  As an expert in tax planning, I’ll guide you through the nuances, benefits, and potential pitfalls […]

Latest Tax Law Changes and How They Affect Your Tax Planning 2024 

Tax Planning 2024

As we step into 2024, it’s crucial to stay abreast of the latest tax law changes that could significantly impact your financial planning. Navigating these adjustments can be daunting, but understanding the key changes can help optimize your tax strategy.  Here’s a comprehensive overview from a tax expert’s perspective, presented as a personal narrative to […]

Lie for Tax Reasons?

lie for tax reasons

When selling a recreational vehicle to a private party, the buyer may sometimes request the seller to declare a lower transaction value on paper. This typically stems from a desire to reduce the tax impact of the purchase. Such a request can put the seller in a difficult moral and legal position. Ethical Considerations It’s […]

Tax Brackets Explained For Beginners in The USA

Tax Brackets for beginners in 2024

Understanding how tax brackets work in the USA can be a bit complex, so let’s break it down using an example of someone earning $100,000 a year. This total income can be organized into different segments or “piles” to represent tax brackets. How Tax Brackets Work Here’s a simplified breakdown of the income: ● The […]

Retirement Gifts That Keep on Giving: 6 Tax Breaks for Your Golden Years

Retirement Gift That Keep on Giving 6 Tax Breaks for Your Golden Years

Did you know your age can affect how much you pay in taxes?  It’s true!  Several tax benefits and rules depend on how old you are.  For example, reaching a certain age might allow you to deduct more money from your taxes for long-term care insurance premiums.  In other cases, your age might determine when […]

Tax Planning: Fundamentals, Concepts and Strategies for 2024

Tax planning fundamentals concepts and strategies for 2024

Tax planning is all about saving money on your taxes. It involves taking a close look at your finances and figuring out ways to legally reduce your tax bill. By following a tax-efficient plan, you can keep more of your hard-earned cash. Tax planning is especially important for investors, as it can help them maximize […]

How The Rich Avoid Paying Federal Taxes (And How You Can Too)

How rich avoid paying federal taxes

Do you know how some rich folks keep getting richer? Well, one trick they use is called tax avoidance. So, the top 1% of rich households in the U.S. owned about 23.3% of the country’s money in 2023. That’s more than the 22.8% they had the year before. Surprisingly, the IRS says these guys only […]

Tax Form 1040 Evolution: Everything You Need to Know for Tax Planning in 2024

1040 tax form

Since 1913, Americans have used Form 1040 to file taxes. Even with the option to file online, the form remains crucial. The 16th Amendment made income tax collection possible, solidifying the use of IRS Form 1040. There are different versions of Form 1040 for U.S. citizens. The main two are the standard 1040 and the […]

Tax Planning 2024: When, How and Where To Start Filing Your Taxes

Tax Planning 2024

If you file your taxes annually and your tax year concludes on December 31, mark April 15 on your calendar – that’s when your federal individual income tax return is typically due. Now, if you follow a fiscal year ending on a month other than December, file by the 15th day of the fourth month […]