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BY GORDON WILSON If the taxman has you singing the New Year blues, here are some tips and strategies that will have you seeing green in 2022. For over 30 years, the professionals at Berger CPAFirst have been guiding their clients in ways that help maximize tax savings while minimizing audit risk. Ravee Shrinivas, CPA, and Ramki Sankar, CPA, of Berger CPAFirst sat down with VUE to provide some of their top tax strategies for the New Year. Top Tax Strategies & Tips for the New Year STRUCTURE A successful tax strategy will vary among business models. DEFER INCOME Putting off income tax can result in big savings. IT'S A FAMILY AFFAIR A family business can provide many tax benefits. DEPRECIATION Get big deductions from asset purchases. TAX-LOSS HARVESTING Offset capital gains by selling weak investments at a loss. A PROFESSIONAL PLAN Find a professional tax advisor to help maximize your tax benefits. STRUCTURE "Tax strategy constantly has to be reviewed," says Shrinivas." Oftentimes you're not only dealing with the federal government, you're dealing with three different jurisdictions with three different tax laws," he explains, adding "the laws are always changing." One great example of this is the Tax Cuts and Job Act (TCJA) which came into law in 2017. "The TCJA has completely changed the way that people are looking at flow-through businesses like S-corporations and sole proprietorships," says Shrinivas. Maximizing tax savings starts with the right structure. The structure used depends on the type of business you have. V U E N J .C O M 93

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