Tag: Tax Cuts and Jobs Act

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Preparing Tax Strategies for the Upcoming Tax Provision Changes (Ep. 124)

Preparing Tax Strategies for the Upcoming Tax Provision Changes (Ep. 124)

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How do the changing tax provisions impact your financial planning?

Today on The Truth About Wealth, John and Michael Parise discuss the implications of the expiring tax provisions from the Tax Cuts and Jobs Act. They underscore the necessity of proactive tax planning and the importance of consulting with advisors to maximize benefits before these provisions lapse. 

Their conversation spans estate planning, business tax laws, individual tax brackets, and charitable planning, highlighting the urgency for families to strategize for their financial future in light of these changes.

Talking points include:

  • Expiring tax provisions from the Tax Cuts and Jobs Act
  • The need for proactive tax planning
  • What tax provisions are expiring, and what provisions are permanent
  • Considerations in estate planning
  • Updates on business tax laws
  • Changes in individual income tax brackets
  • Strategies for charitable planning
  • And more!

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Increasing Tax Efficiency and Asset Protection Through MSOs with Doug Dickey (Ep. 123)

Increasing Tax Efficiency and Asset Protection Through MSOs with Doug Dickey (Ep. 123)

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How can Management Services Organizations (MSOs) enhance tax efficiency and asset protection for businesses?

Today on The Truth About Wealth, John and Michael Parise welcome back Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, for a conversation about the intricacies of management services organizations (MSOs). 

Doug provides a comprehensive explanation of MSOs, detailing their origins in asset protection and their evolution to include tax efficiency and increased purchasing power. He also emphasizes the importance of proper entity structuring to safeguard assets and avoid piercing the corporate veil. 

Key points include:

  • What are Management Services Organizations (MSOs)
  • The use of MSOs in tax efficiency and asset protection
  • IRS’s perspective on MSOs and creative ways clients can use MSOs for tax and cash flow advantages
  • Advantages of using a C corporation structure for real estate ownership
  • The importance of working with the right team
  • Estate planning concepts and transfer of wealth for multiple generations using C corporations
  • And more!

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Is a C Corporation Right for You? with Doug Dickey (Ep. 122)

Is a C Corporation Right for You? with Doug Dickey (Ep. 122)

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Is becoming a C Corporation the best tax strategy for your business?

Today on The Truth About Wealth, John and Michael Parise speak with Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, about the benefits and tax implications of using C corporations for business structures post Tax Cuts and Jobs Act. 

They explore the flat 21% tax rate for C corporations, the potential tax savings compared to flow-through entities, and strategies for managing double taxation on dividends. 

So, tune in as Doug highlights the importance of entity choice for asset protection, tax planning, and reinvestment opportunities, emphasizing the flexibility C corporations provide for businesses aiming to maximize after-tax profits and growth.

Talking points include:

  • What’s a C corporation
  • The use of C corporations after the Tax Cuts and Jobs Act
  • Tax implications and benefits of C corporations compared to other entities
  • Comparing the tax burden between C corporations and flow-through entities
  • The value of considering a C corporation structure for businesses with significant earnings
  • Tax efficiency and flexibility of C corporations for business growth and capital accumulation
  • And more!

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