Small Business Tax Planning
Should I form an LLC or a corporation? If I form
a corporation, can I, should I elect s-status? What do I do with my
partners? What if one of them quits?
These are just a few of the questions that you
will need to answer as you start a new business. And, not only will
each answer build on the next, but making the wrong decision in the
beginning can be a costly long-term mistake. We have helped
hundreds of small business owners and professionals organize their
corporate structure in a way that maximizes their tax savings. We
can help you
choose the right entity to suit your type
of business, perform the formation work,
and help you put in place a tax plan that minimizes your liability
and maximizes your deductions.
Aviation Tax
Aircraft come with a lot of
taxes and regulations that govern their use. From local sales and
use taxes to federal excise and income taxes, failing to have a
solid tax plan can cost you tens of thousands of dollars in taxes
you otherwise would not have to pay. Having a proper tax plan in
place can save you thousands of dollars in taxes normally paid on
the purchase, and, if you use your aircraft in business, that plan
could allow you to depreciate the aircraft and write off the
expenses of operation, saving you tens of thousands more. These
savings are in addition to avoiding federal excise taxes and
violations of the federal aviation regulations should you pay for
your aircraft use improperly.
Click here to learn
more.
Mr. Saad has helped hundreds
of aircraft owners build and implement a tax plan for their
aircraft. He has detailed knowledge of the tax laws, with a special
emphasis on depreciation, particularly the qualifications for bonus
depreciation, passive activity loss limitations, expense
deductibility, state sales and use tax rules, and special
requirements should you make personal use of a corporate aircraft.
He will work with you and
your advisors to review your corporate structure and determine how
to best fit your aircraft in that structure while managing your tax
exposure, your liability exposure and your compliance with federal
aviation regulations.
Our Aviation Tax Services
include:
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Drafting and negotiating
aircraft purchase and sale agreements
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Drafting all of the
documents needed to implement your tax plan
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Reviewing any management
or fractional documents you need for the operation of your
aircraft
-
Working with your broker,
lender, aircraft manager and insurance agent to ensure that all
facets of your aircraft operations are considered in the plan
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Creating a plan that
minimizes your sales and use taxes, maximizes your federal tax
deductions, and minimizes your liability exposure, all while
keeping you in compliance with the federal aviation regulations
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Providing assistance to
your tax preparer in reporting aircraft activity
When you engage our firm,
you will pay a flat annual retainer for this service, which includes
all of the above as well as any counsel and advice you may need over
the course of the year. This retainer also includes defending your
plan before any state or federal administrative body should they
audit your aircraft activity.
1031 Tax Deferred Exchanges
A 1031 exchange, otherwise
known as a tax deferred or like-kind exchange, is a tax planning
strategy where you sell one property held for use in your trade or
business, and then purchase another property for use in your trade
or business within the statutorily specific time frame. The process
of selling a property and then buying another property is
practically identical to any other sale and subsequent purchase, but
a 1031 exchange is special because a properly structured exchange
allows the taxpayer to defer the otherwise taxable gain on their
sold property. Simply stated- sales are taxable and exchanges are
not. See
US Code § 1031.
Why Perform an Exchange?
Anyone who has taken
depreciation on their real estate or business property, should
consider an exchange when selling their property and purchasing
anew. If you do not perform an exchange, you will pay tax at your
ordinary rate on the difference between your sales price and yrou
book value, and if sell for more than your original purchase price,
you will also pay capital gains tax.
Why You Need Our
Services?
A transaction can only
qualify as an exchange if you, the Exchangor, follow the rules laid
down in the US tax code and in the treasury regulations. One of
those rules requires the use of a Qualified Intermediary to
facilitate the exchange.
Mr. Saad has performed many
like-kind exchanges of business and real property and has the
knowledge and expertise to act as your intermediary. He has
conducted forward, reverse and multi-party exchanges, and he will
walk you through the process, making sure that you remain in
compliance with the applicable tax rules during each step in the
process.
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