Tax Loopholes are not such a bad thing. If you aren’t smart enough to take advantage of the tax loopholes you deserve to be poor. There is nothing immoral or wrong with taking advantage of all the tax laws available to you.
Read more →Uncertainty is the name of the game in politics. It’s killing business. There is one thing that is certain however. If something doesn’t change quick, the largest tax increase in history will hit us on January 1, 2013. Yes, ObamaCare is huge, but when you couple it with the expiring tax laws, you will be brought to your knees.
Read more →In the last year the IRS has been targeting S Corp owners who take low salaries so they can receive the bulk of their income in corporate dividends, which are not subject to payroll taxes. These cases are being found and prosecuted.
Read more →The median personal marginal federal tax rate was 10 percent in 2008. Only 4.1 percent of the self-employed were in the marginal tax bracket of 33 percent or more.
Read more →Roth IRA or Standard IRA Roth IRA or Standard IRA which should you get? The never ending debate has always been between a standard IRA and a Roth IRA. With a Roth IRA, the money you put in gets taxed when you put it in. This means […]
Read more →How can you protect your assets ahead of time? There are certain questions you need to consider. How risky is your business? Are you a detail person? Do you have a family? What state are you living in? It is always a good idea to hold your home in your own name for tax reasons.
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LLC Entity Classification What is It and How to Get It? NS LLC entity classification and how do you get it? An LLC is short for limited liability company. Some people think and LLC entity classification is short for limited liability corporation, but that’s not right. An […]
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If you are doing an S corporation, the trust has to be a “special form” of living revocable trust. The trusts in the Accumulation and Preservation of Wealth Course are sub S qualified trusts, because of their wording.
Read more →So starting this year, go to your association convention and take the family. A lot of the trip can be LLC tax write offs. Buy computers for your use as a professional at home. When you buy paper, pens, pencils, or other supplies they can be write offs for your LLC, if they go to the office.
Keep track of car mileage and do everything you can to run money through your company. Find all the possible ways you can charge off business expenses to your own LLC, and do it! It isn’t how much money you make. It is how well you live and how secure you are.
Read more →Generally, if you are the only member of your LLC and you have not filed a tax election, you do not have to file a special tax return. For tax purposes, you will file the LLC’s income on your own federal tax return. Your LLC is an ignored or “disregarded” entity. This means that you will report your LLC income and expenses on your own Form 1040, Schedule C, E, or F. Your income is passed through your LLC directly to you. Remember this is only for tax purposes. It does not change the fact that your business is legally a Limited Liability Company.
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