Dear Business Owner:
The IRS loves you!
Why do we say that?
Well, you’re in business for yourself.
And the current IRS tax code has literally dozens of juicy deductions built into it that only taxpayers like you can take.
These deductions can add up to savings of many thousands of dollars in tax payments — savings so large it’s almost unfair to people who are NOT in business for themselves!
However, there’s a problem….
The IRS doesn’t automatically take those deductions for you — or apply them to your tax return if you forget to claim them.
You have to know what deductions are available … the latest updates and changes to the tax codes, particularly in light of tax reform … and how to apply them to your particular situation.
It’s a real catch-22.
Failing to take all the deductions you are entitled to could cost you thousands of dollars in tax payments to the IRS that you aren’t really required to make.
Taking deductions you’re not entitled to — or can’t back up with the required documentation — can cost you thousands of dollars in interest and penalties.
We have many businesses and professionals who have benefited from the tax-saving advice that are based in the Internal Revenue Code.
In Business Tax Deductions, you learn about deductions that can save you lots of money on your tax bill. Including:
- How to deduct up to $940 per day for your business travel transportation
- The ins and outs of maximizing your deduction under tax reform’s new Section 199A
- 7 types of entertainment that survived tax-reform’s bloodletting
- Is having a home office a red flag for IRS audits?
- How to deduct 100% of the cost of a home office repair even when your home office takes only 10% of the house
- How to sell your home for a profit of up to half a million dollars without owing a nickel to the IRS
- How to hire your spouse without paying payroll taxes
- How to expense up to $1,020,000 for the cost of your vehicle
- 36 items in your building that can be depreciated like equipment
- Post-TCJA rules for client and prospect business meal deductions
Why your accountant doesn’t know all of these strategies
No, and here’s why: Your accountant is busy preparing client tax returns, doing audits, helping clients negotiate loans, and a zillion other things. The only tax education most practicing CPAs get is the occasional tax seminar they attend, maybe one or two during the year.
By comparison, we spend hours each month researching, studying regulations and changes in the tax code. So we have the luxury of keeping current with all the myriad opportunities there are for you to slash your tax payments and save money.
Tax-saving strategies like:
- Factors that determine whether you should buy or lease your next business vehicle
- Get a 100% deduction for partying with your employees
- An easy way to deduct the cost of your commute to and from work
- Save big tax dollars by hiring your dependent children in your business
- LLC, C corporation, S corporation – which is best for you?
- How to avoid double taxation on your business income and gains
- 6 common immunities from the “no deduction” rules for entertainment facilities
- 13 ways to reduce your chances of an IRS audit.
- And many more.
If you need some assistance, we would be happy to help. Contact me, Crystal Wampler, or Amit Chandel, CPA, CTS, CTP, CTC, CVA, CTRS, CExP, CGMA, LLM (tax), Author, here or by phone at 562-281-1040. We are always available to answer any questions you may have.