#17 Review your corporate income before year-end If you operate your business as a personal service corporation; a tax definition that applies to taxpayers performing services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Be aware that such corporations pay a flat 35% tax on all taxable income.…
#16 Take advantage of depreciation These regulation control how you will classify the cost of assets, supplies, and repairs and maintenance; some of which you will be able to expense immediately if you have the required policies in place. Create and implement a written policy to comply with the rules. ‘Tis the Season to start…
#15 Fringe Benefit Planning Consider establishing a retirement plan to cut your current tax bill and provide retirement income. A plan must cover your employees too. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#14 Take advantage of the tax credits available Congress often uses tax credits to encourage certain activities. Regularly check for credits that could apply to your business. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#13 Conducting business from home If you conduct business from your home, become familiar with the rules for home office deductions. Accurate records may preserve your deductions. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#12 Classify your employees proper Do not subject yourself to tax penalties by misclassifying an employee as an independent contractor. The IRS is aware that employers prefer to treat workers as independent contractors to avoid paying fringe benefits and payroll taxes. If you are not absolutely sure how to treat a given worker, contact us.…
#11 Take a write-off for business equipment Most business equipment is depreciated over five or seven years. However, small business are allowed to expense certain amount of equipment cost in the year of purchase. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#10 Review your employee benefits package Fringe benefits can help increase job satisfaction and performance which results in attracting and retaining employees. There is a wide variety of fringe benefits that employers can choose to offer and some are even specifically excluded from employees' taxable income. ‘Tis the Season to start Tax Planning Call us…
#9 Keep all business travel, meals, and entertainment expenses records Travel that you do in conjunction with your business is deductible, but business meals and entertainment expenses are generally only partially deductible. ‘Tis the Season to start Tax Planning Call us today to get started. (305) 477-5671
#8 Never use the Internal Revenue Service as your banker When cash flow is tight, you may be tempted to pay your suppliers first and payroll taxes to the IRS last. The IRS will take steps to minimize the liability as quickly as possible. Pay the IRS first. If you absolutely cannot, contact your local…
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