The Planner

The Planner is CORE Group's blog and a way to help others interested in up to date tax service news.

The Vital Pros and Cons of an S Corporation

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Core Group

An S corporation is a type of corporation that meets the specified requirements of the Internal Revenue Code (IRS). An S corporation passes through most of its business income and loss to its shareholders like a sole proprietor. The owners are not liable to pay double tax, at the corporate level and then on the individual shareholder level. 

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Capital Improvements

Capital Improvements

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Christian Brim

Accountants are weird. They use funny words and use lots of spreadsheets.  One common word is Capital Improvements.  Similar words that they use to describe the same things: Capital Assets, Fixed Assets, Property, Real Estate, FF&E (Furniture, Fixtures, & Equipment).  In the accounting tax world, all of these terms describe something with an economic benefit beyond one year.

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Growing Profitably at All Stages

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Christian Brim

Ask any entrepreneur about their business goals and the No. 1 or No. 2 answer is going to be something around growth. In my entrepreneurial circles, the questions are, “How much revenue do you have?” or “How many employees do you have?” Never, not once, have I asked the question, “Yeah, but how much money did you make?”

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Bunching Tax Deductions

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Christian Brim

Lots of the old tax rules have changed in the last few years.  If you haven't reviewed and adapted, you are likely paying your rich Uncle Sam too much.  The Tax Cut and Jobs Act (TCJA) combined the amounts for standard deductions and exemptions into one number.  The Act also eliminated deductions entirely.  This effectively removed itemized deductions for many tax payers since the standard deduction/exemption for 2020 is $24,800 (married filing jointly).

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Small Business Tax Strategies 2021

Small Business Tax Strategies for 2021

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Christian Brim

2020 brought a lot of unique challenges to entrepreneurs, and 2021 is shaping up for a wild ride as well.  It is easy to miss tax planning when you're trying to keep your proverbial head above water.  I've created a quick check list of the most impactful small business tax strategies for 2021.

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