You might not like paying taxes, but effective tax planning can reduce your tax burden and help you keep more of what’s rightfully yours! Working with a team of experienced CPAs can unlock the potential for significant savings hidden in your current tax strategies.
At LB Carlson, we take care to ensure you are paying the least amount of taxes while still complying with all relevant tax laws.
How we can help
We provide high-value tax consulting, planning, and preparation to thousands of businesses and individuals. Our team of experienced CPAs can oversee and manage all aspects of federal, state, and local tax compliance, planning, and forecasting.
It can be difficult to keep up with all the latest tax regulations and incentives. We will help oversee your compliance and plan ahead by providing expert advice on how these changes may affect you financially in both short-term and long-term goals. When applicable, we will also let you know how any changes will affect your industry.
Our tax professionals provide the following services:
Our tax services are designed to help business owners and individuals make informed decisions that minimize the amount of tax you will pay while retaining the most profit possible. No matter what your next move is, you can rely on our tax experts to help you evaluate all your options so that you fully understand all tax implications before making major decisions.
Today’s constantly changing tax code is complicated enough. Therefore, we keep our approach to client service simple. When you work with us, you can expect:
No matter which tax planning decisions you are currently faced with, it is imperative to have a trusted advisor by your side that knows the ins and outs of state and local laws. Let’s work together and make sure you are taking advantage of every opportunity available to you.
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done? Now is a good time to go through old tax records and see what you can discard.
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.
In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020.
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations.
To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas.
If your company needs working capital to grow, rather than simply survive, you might want to consider a mezzanine loan. These arrangements offer relatively quick access to substantial funding but with risks that you should fully understand before signing on the dotted line.
Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan).
