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How a CPA Simplifies the Trust & Estate Process
When it comes to managing trusts and estates, there is no room for mistakes. These arrangements are often complex, requiring careful planning, accurate calculations, and compliance with tax laws. If you’re an estate planner or trustee, you already know the stakes can be high. This is where a Certified Public Accountant (CPA) comes in—a professional whose expertise can streamline the process, protect assets, and ensure peace of mind for all parties involved.
Why Trusts & Estates Require a CPA
Trust and estate management isn't just about dividing assets—it’s a detailed process involving intricate financial obligations, tax filings, and compliance with…
Tax Issues to Consider Before Expanding Your Business Into Other States
Growing your business beyond state lines is an exciting milestone. A larger market, new opportunities, and the ability to serve more customers await. However, with expansion comes additional responsibilities, particularly in the realm of taxes. Navigating these issues early on can save your business both time and money, ensuring a smoother transition as you grow.
Here are the key tax considerations when expanding your business into other states:
1. Understand Nexus and How It Applies to Your Business
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Advice for Financial Advisors Working with College Athletes Receiving NIL Funds
If you're a financial advisor working with college athletes, here are tips for helping your clients manage name, image and likeness-related tax responsibilities effectively:
- Educate Your Clients Early
Simplify complex tax matters and help young athletes understand the financial commitments tied to NIL income. Providing guidance on record-keeping, tax brackets, and potential write-offs establishes trust. Also, helping your athlete track filing deadlines is crucial.
- Encourage Budgeting for Taxes
Recommend that clients set aside 30-40% of their NIL income for taxes to ensure they’re prepared when payments are due.
- Advise on Saving and Investing
Once…