Tax Preparation vs. Tax Planning

Tax Preparation vs. Tax Planning Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return…

Pandemic Diaries: Providing Liquidity Through Divestitures

By Michael Lovell Typically, businesses have a life cycle and transition through phases, from initial launch through maturity. The coronavirus has impacted the economy in such a manner that even industries that have traditionally been resilient to economic duress have had to react to stay afloat. But, just as a business maturing through the various…

ABIP CPAs and Advisors Announces Commitment to Global Efforts Supporting and Promoting Online Safety and Privacy for Cybersecurity Awareness Month

ABIP CPAs and Advisors Announces Commitment to Global Efforts Supporting and Promoting Online Safety and Privacy for Cybersecurity Awareness Month This year’s initiative highlights the importance of empowering individuals and organizations to better protect their part of cyberspace in an increasingly connected world October 02, 2020 — ABIP CPAs and Advisors today announced its commitment…

Choosing a Retirement Destination: Tax Considerations

Choosing a Retirement Destination: Tax Considerations With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. While federal tax…

Taking Early Withdrawals From Retirement Accounts

Taking Early Withdrawals From Retirement Accounts While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Background When…