06th September 2008
When used correctly, C Corporations are a great way to supercharge a tax strategy. I find that when my clients make the most of their C Corporations, they reduce their taxes by a minimum of $10,000 every year.
- The Biggest Mistake With C Corporations...
02nd September 2008
Have you thought about upgrading your equipment to the newest industry standards but were afraid of the cost? Or perhaps you want to improve your office to make it more comfortable for your patients? Do you need to upgrade your reception area to make it...
22nd August 2008
When I coach clients on their tax strategy to legally reduce their taxes, many of the strategies require monitoring throughout the year. The monitoring serves two primary purposes:
#1 To Monitor the Numbers
Many tax strategies are based on income a...
22nd August 2008
Do you need to add an entity to your tax structure?
This is such an important question for mid-year planning because knowing the right time to add an entity to your tax strategy can often save as much as $10,000 per year in taxes!
What entity should...
09th July 2008
One of the keys to bringing your tax strategy full circle is your bookkeeping. It's one thing to know what's deductible and how to maximize your business deductions, but unless that gets reflected in your bookkeeping, it's as if the tax planning never ha...
07th July 2008
With gas prices on the rise, the IRS has announced an increase in standard mileage rates effective July 1st. For business miles, the rate is increasing from 50.5 cents per mile to 58.5 cents per mile.
Who is impacted by this increase?
- If you reim...
02nd July 2008
Summer is here and for many of us that means summer business trips. I love traveling for business. It usually means I'm on my way to speak at a seminar in a great location. But, my least favorite part about business trips is keeping track of all of my ...
01st July 2008
Probably the most common business deductions are meals and entertainment. However, people are often confused about whether the expenses are fully deductible, partially deductible or not deductible at all.
50% Deductible
The general rule for deducti...
01st July 2008
Travel expenses are a favorite deduction of many clients, because they love to travel and especially enjoy it when the IRS is subsidizing part of the expense. In order to deduct travel expenses, however, you must show that the expense has a business purp...
30th June 2008
There are several specific rules to determine if a meal is a legitimate business expense. These specific rules include meeting the business purpose requirement and the ordinary and necessary requirement. In this article, it's assumed that the meal has m...
27th June 2008
One thing you can always count on during an audit is a request for documentation supporting meals and entertainment expenses. The IRS has found that these expenses are heavily abused and are an easy way to generate additional tax revenue, not to mention ...
05th June 2008
One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited ...
04th June 2008
The Limited Liability Company (LLC) is a terrific tax entity. The number one reason is its flexibility. Specifically, an LLC can be taxed as:
a sole proprietorship
a partnership
a C corporation
an S corporation
An LLC is not a tax entity, it is...
08th May 2008
The capital gains rate for certain taxpayers will drop to 0% for tax years 2008 through 2010. How can you take advantage of this 0% capital gains rate?
First, let's review the capital gains rate in general.
Gains from sales of personal investments ...
08th May 2008
I have seen the inner workings of hundreds of tax strategies. I recently did a study of tax strategies to reveal the inside secrets of failed tax strategies. I was searching for common causes of the failures. The most common causes all centered around ...
