How many of you build, track and utilize credit card points for personal benefit? It’s a great tax strategy
I don’t know how this whole craze started and frankly, or who started the spread of misdirection and misinformation, but the LLC for all of its good and bad is here for the foreseeable future. Thus, I would be remiss not to tackle this important topic set the record straight.
There comes a time in the lifespan of just about every business where the potential for growth (maybe substantial growth) is there, but additional capital will be necessary to make that growth happen.
Please realize that you actually may have a unique situation and there isn’t a one-size fit’s all approach or answer to a every new business situation. You will most certainly have a set of facts that are different from friend’s, mine or anybody else.
I truly believe that far too many business owners, CPAs and Tax Preparers are overly conservative and miss out on important expenses that we are entitled to.
Even experienced business owners can benefit from using a Strategic Plan as an integral part of their business.
There are many myths about tax planning, business credit and asset protection sold by inexperienced and non-licensed professionals.
If you volunteer for a charity, you should be aware that your generosity may entitle you to some tax breaks. I personally have found these strategies to be critical in my own personal tax savings plan.
Essentially, just for 2014, we return back to the $500,000 Section 179 limit and the $2 million overall investment limit for this tax year. This also includes the prior rules that the taxpayer can’t deduct 179 depreciation in excess of profit.
It’s alarming for me to see how many clients are not maintaining their checkbooks and records properly or are not even keeping separate books at all for each of the companies they own and operate. Maintaining your books is not something I advocate solely as a tax-savings strategy; it can also prevent you from losing your sanity and getting dragged into a potential lawsuit.