The Auto Deduction is the best it’s been in over 30 years, with business owners being about to write-off a vehicle faster and with even bigger deductions!
Businesses will now file Form 1099-NEC for each person in the course of the payor’s business to whom they paid at least $600 during the year. This payment would have been for services performed by a person or company who IS NOT the payor’s employee.
This has to be one of the most under utilized tax strategies by small business owners with families today. Many don’t realize that paying their children under age 18 is an excellent strategy to minimize their tax liability, not to mention it creates a host of other ancillary benefits.
There are several HOT deductions that many taxpayers don’t consider and just ‘leave money on the table’. Here are 6 under utilized write-offs that in my opinion should be a healthy line item on any legitimate small business tax return:
The real question is where the asset is, not where you live. The goal of the DAPT is to protect the ‘asset’ from your liabilities, not to protect ‘you’.
With all of these tax credits to choose from, hopefully there is one that can benefit you. Make sure to discuss any of these credits with your tax advisor if you think you qualify.
There are three (3) common IRS penalties that hit individual taxpayers the most. They can easily be avoided with a little planning. Listen…paying taxes is difficult enough, don’t add insult to injury by having to pay penalties and interest on top of income taxes. The Late Payment Penalty – Not paying what I owe by
If you’re considering making a move to save on state taxes, create a master spreadsheet with all of the possible taxes, cost of the move, savings in the cost of living, etc., and carefully determine if it makes sense on paper. Then, if does, get to work taking the steps to actually move your residency or domicile. It doesn’t happen overnight.
More and more real estate investors are adding ‘short-term rental’ properties to their portfolios and with a lot of success. However, many still have questions about where to place them in their tax and legal structure.
You can actually invest in real estate, promissory notes, precious metals, cryptocurrency, small businesses, and concert tickets, or raw land. Your broker may tell you that you can’t do this and it’s prohibited. They’re blatantly wrong.
The S-Corporation can be a powerful structure and tool to save on self-employment taxes and can also protect a business owner’s personal assets from lawsuits that may arise from their operations.
Don’t underestimate the power of the S Corp and get a second opinion if anyone says an S Corp isn’t the best fit.
Here is a list of the TOP 10 things TO do, or NOT do, in order to avoid an audit with the IRS. As many of you can imagine, an audit can be expensive and time-consuming, not to mention, emotionally draining experience. Please take these to heart.
Having a Board of Directors or Advisors will be a ‘support team’ in many ways; giving encouragement, advice, and guidance regarding your vision and goals.
Making sure our travel has a ‘business purpose’ is critical and a perfect opportunity for business owners for a great tax write-off.
