Top 3 Tax Planning Opportunities in 2024
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- čas přidán 27. 03. 2024
- We'll look at three tax planning opportunities, specifically for business owners, that can help save on taxes and allocate your money smarter. From charitable giving to SALT rentals, you'll get practical tax planning strategies that can lead to substantial savings.
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ABOUT JASMINE DILUCCI, JD, CPA, EA
Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.
Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution
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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.
#jasminedilucci
Super good information. Thx for sharing
Of course!
Do you have any videos on becoming an enrolled agent??! I’m studying for SEE and of course trying to get as much info as I can.
I 1000% trust you more than any other tax person on CZcams!
What a wonderful, consice and entertaining video. Thank you!
Jasmine has a lot of good tax information.
Thank you!
When selling C Corp.
Would you break the sale into three chunks. One chunk for assets, second chunk for Goodwill of the business and the value of the name that you're selling, and a third chunk is the personal Goodwill?? Do I have this right?
It can depend on the business, but yes you basically break it down into the pieces that make up the actual value. Most businesses have some level of fixed assets, so that part is typically straightforward. Then the rest is usually intangibles or goodwill, and the value is split between them. For goodwill, a lot of times the value is at the personal level since it's relationship based and as long as there's no covenant not to compete keeping the goodwill at the business level, then moving it to personal can avoid the layer of double tax.
@@taxleverage So when you sell the Goodwill and "move it to personal" you don't recognize the gain on the 1040. You just have the gain in a C Corp
@@fedorweemsch No, so if you carry the value at the personal level in the first place (relationship based, no covenant not to compete), then the position is that the value is at the personal level so when you sell the business, the buyer pays part of the purchase price to the owner directly for the value of the personal goodwill, so there's just the 1 layer of tax. For example, a CPA firm where all the clients would just move with the owner from one entity to another, there would be a strong position that the goodwill is not actually at the business level but owned by the personal individually.
@@taxleverage okay, so that part of the Goodwill will be sold on 1040 and not sold on 1120?
Thank you for taking your time. I'm just trying to wrap my mind on how this would look like on the tax returns