Tax Issues
Understanding the Corporate Transparency Act
The Corporate Transparency Act is affecting many business owners, investors and real estate owners. Here’s how: On Jan. 1, 2024, a significant regulatory change went into effect that impacts limited liability companies (LLCs), corporations and other entities, but its reach extends beyond the typical business owner. The Corporate Transparency Act (CTA) requires certain businesses…
Read MoreRecent Court Case Upholds Augusta Rule But Demonstrates Importance Of Compliance
To the small business owner, every opportunity to maximize deductions and minimize liabilities is precious. One such opportunity is the Augusta rule, a tax-saving strategy that allows a business owner to rent their home as a meeting space for up to 14 days per year. By renting their home to their business, the business owner…
Read MoreAvoid These Common Tax Mistakes
The most costly and common tax mistakes are not errors but missed opportunities to achieve more. Here’s how to avoid them. More often than not, the most costly tax mistakes we see are not errors but missed opportunities. Including overlooked opportunities for long-term planning, strategic deductions, and reduction of your lifetime tax liability. The easiest way to…
Read MoreThe High Cost of Tax Mistakes: Vance Wealth’s Solution for Business Owners
The High Cost of Tax Mistakes: Vance Wealth’s Solution for Business Owners As a business owner, you’re juggling countless responsibilities and striving to grow your enterprise. At Vance Wealth, we understand the challenges you face, and we’re here to ensure that you’re not only growing your business but also taking advantage of every legal tax-saving…
Read MoreMaximize Tax Opportunities: Think Differently, Be Purposeful, Achieve More
Maximize Tax Opportunities: Think Differently, Be Purposeful, Achieve More When it comes to optimizing your tax strategy, it’s not just about avoiding errors – it’s about seizing opportunities to build a better financial future. As business owners, you hold the keys to a complex tax landscape that can offer substantial long-term gains and strategic deductions.…
Read MoreNavigating the Complexities of Tax Planning: Our Holistic Approach to Maximizing Your Wealth
Tax planning is an essential part of personal and business planning. No one wants to pay more taxes than they have to, but navigating the complex tax code can be overwhelming. That’s why having a tax planning philosophy and annual tax due diligence process helps guide decisions, reduce tax liabilities over your lifetime, and provides…
Read MoreThe Value of Having Your Kids Work in the Family Business: Building Character, Practical Skills & Generational Wealth
Imparting Values and Creating Generational Wealth through Family Business Running a family business can be challenging, but involving your children in the operation can provide many benefits beyond just practical skills. Children who work alongside their parents and other family members gain practical experience that they can carry with them throughout their lives. In addition…
Read MoreSimplify365 – A Planning Approach To Reduce Your Tax Burden
Exciting improvements are ahead for Vance Wealth this year, and one of the opportunities we’re most excited to announce is Simplify365 – a new business offering designed to help business owners simplify their planning approach to life and business. This new program is designed to help busy entrepreneurs carve out the time they need to…
Read MoreTax Tips: Why saving more right now isn’t always the best
Most people have one goal when it comes to taxes: Pay as little as possible on the next tax return. However, that isn’t how you save the most – or achieve the most – in the long-run. In fact, at Vance Wealth, we believe paying taxes is the goal. Why? It means you’re successfully growing and earning more over…
Read MoreTax Planning: The Crucial Step You Don’t Even Know You’re Missing
If you’re seeing your accountant only to file your taxes, then you’re missing one of the most important steps in preserving wealth. Here’s the crucial step that could help you save — now more than ever. What’s tax planning? Tax planning is typically the thing that just doesn’t get done regarding your finances. As a…
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