June News To Know
Summer’s around the corner, and with tax season behind us it’s the perfect time to take stock of the previous year. Of course, if you filed an extension, we will be reaching out over the coming weeks to finalize your 2022 taxes and have included a reminder of the deadlines below. Either way, now is a great time to take a look at your financial health and schedule a call with your CJBS team member. We can help you understand what options exist to help you optimize your tax planning both now and in the years to come.
Whether it’s financial planning, business planning, or personal investment planning, we can work with you to assess all your options so you can make the best strategic decisions for yourself, your family, and/or your business to positively impact your bottom line.
As always, our goal is to help you stay current with your tax-related needs while also helping you to create a brighter financial future.
There are many ways to optimize your financial situation through tax planning initiatives, contact your CJBS team member if any of the following apply to you:
- Use Cost Segregation — You can accelerate your depreciation schedule (on commercial property) and receive $40,000-$80,000 per one million of building cost. Even if you have already completed your 2022 taxes, it is not too late to receive some of your money back by doing a cost segregation study.
- Apply Losses — The federal tax code can help soften the blow of a loss by allowing businesses to apply losses to offset taxable income in future years. Subject to certain limitations, the Net Operating Loss (NOL) deduction addresses the tax inequities that can exist between businesses with stable income and those with fluctuating income. It essentially lets the latter average out their income and losses over the years and pay tax accordingly. You may be eligible for the NOL deduction if your deductions for the tax year are greater than your income.
- Properly Classify Your Workers — Classifying your workers as “independent contractors” can help keep costs down, but making a mistake can be costly. Understanding the IRS’ definition of what it means to be an “employee” vs. an “independent contractor” is key to optimizing your financial situation and safeguarding your and/or your company’s future. If you’re looking to streamline your payroll, our payroll partners are offering 6 months of free payroll if you sign up in the month of June. Contact your CJBS team member for more information.
If you filed an extension, here are the remaining deadlines for 2022 tax returns:
Stay safe & healthy,
The CJBS Team