7 Steps to Minimize Your Corporate Income Taxes
As a business owner, minimizing your taxes to maximize your profits is important. Here are seven common mistakes to avoid in reducing your corporate income taxes: Not keeping accurate records Not taking advantage of all available deductions and credits Not adjusting...
A 40% Tax Penalty? Ouch, No Thanks…
How to Avoid Tax Penalties By Disclosing a Return Position: The Art of the Tax Disclosure. It cannot be denied. The IRS Form 8275, which I lovingly refer to as the Disclosure Statement. A form that keeps my clients and me out of trouble (most of the time). It can also...
Is There A Workaround To Deduct My Individual State Income Tax Payments?
Deductible SALT payments before year-end are a priority for pass-throughs.Question: Can I pay my individual state income taxes through my business to bypass the state itemized deduction limitation, and get a business deduction? PROBLEM: While the $10,000 SALT itemized...
Should I Set Up An Accountable Plan for my Business?
Businesses can reimburse employees for business expenses tax-free under an accountable plan if they are correctly claimed and documented.An Accountable Plan is a great strategy to extract money from the firm and lower the overall tax bill. Additionally, your wages may...
