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.
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
It has been almost two years since the United States Supreme Court ruled 5-4 in South Dakota vs. Wayfair that states can require the collection and remission of sales tax without physical presence nexus. If you and your business have not yet educated yourself on the new requirements, now is a good time to do so.
A tax pendulum swings. It swings right and taxes may be cut, and then it swings left and taxes may rise. Meanwhile, taxpayers, accountants and tax counsel try to interpret what might be the outcome. The recent election swung the pendulum to the left, which will likely increase taxes.
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too.
