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Tax Services Acworth GA

There are plenty of business tax savings in the system without resorting to illegal strategies that can come back to bite you. Stay away from tax evasion schemes. Here are a few legitimate strategies you can implement now.

Alan McKnight, MBA, CFP®
200 Galleria Parkway
Atlanta, GA
Title: Vice President
Company: Kays Financial Advisory Corporation
Registered Investor: Yes
Southern Polytechnic State University/Bachelor of Mechanical Engineering
Kennesaw State University/MBA/Finance
College for Financial Planning/Certified Financial Planning
Years Experience
Years Experience: 15
Stock Market Alternative,Wealth Management,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Retirement Planning,Long-Term Health Care Planning,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only

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Jackson Hewitt
(678) 534-2935
3505 Baker Rd., Ste. 206
Acworth, GA

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First Source Tax & Acctg Inc
(770) 529-6300
3103 Cobb Pkwy Nw # 117
Kennesaw, GA

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H&R Block
(770) 422-2886

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Cumberland Financial Group Inc
(678) 581-3292
50 Whitlock Pl SW
Marietta, GA

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Books 2 Taxes, LLC.
(770) 315-9551
1172 Flagstone Way
Acworth, GA
Faye P Watkins & Assoc
(770) 919-0205
2774 S Main St NW
Kennesaw, GA

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Liberty Tax Service
(866) 871-1040
2953 Cobb Pkwy Nw
Kennesaw, GA

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Summit Financial Solutions
(770) 928-8100
1816 Eagle Dr. Bldg 100, Suite -A
Woodstock, GA

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Liberty Tax Service
(866) 871-1040
3600 Dallas Hwy Sw # 250
Marietta, GA

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Tax Saving Strategies

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It's Not What Your Business Makes That Counts — It's What You Get To Keep!
By Patrick Astre

There are two things in life you don’t want to watch closely as they’re made; the first is sausages, the second is tax laws. While death and taxes are inevitable, death doesn’t get worse every time Congress meets. The constant push-pull of special interests, partisan, and “pork barrel” politics left us with an income tax system that is convoluted and overly complex.

There are a great number of tax-saving opportunities available to business owners. Sad to say, many of these opportunities are not well known and often ignored even by tax planners, CPAs and attorneys. By not using them, you will have “volunteered” to pay more taxes.

Let’s get one thing out in the open at the get-go: Everything this article covers is legal, audit-tested, and rooted well within the IRC (Internal Revenue Code.) So let’s get started so you can keep more of that hard-earned money from your business.

There are plenty of business tax savings in the system without resorting to illegal strategies that can come back to bite you. Stay away from tax evasion schemes. Here are a few legitimate strategies you can implement now:

• Rent part of your home to your business. Many business owners use part of their homes for business, second office, storage, etc., and yet those expenses are not deducted. Determine the portion of your home that is used for business, and rent it to your corporation or LLC. Rent should be reasonable and average for your area. You must report the income on Schedule E of your personal tax return (1040), but you will apply a percentage of deductions against that income such as utilities, home insurance, maintenance, and depreciation, etc. that you cannot use otherwise.

• Don’t fear the home office deduction. If you operate as a sole proprietor, you cannot rent part of your home to yourself; however, you can use the home office deduction. A court ruling in the late ‘80s resulted in that deduction being outlawed and denied to many businesses. Legislation two years later overturned this ruling and restored the deduction. Home office deductions are legitimate and allowed by the IRC. As in all deductions, be sure to keep documentation to back it up.

• Don’t neglect business use of your automobile. Simply because you don’t use your car often in your business, it doesn’t mean you shouldn’t deduct the amount that you do use. Keep a log of your business mileage, reimburse yourself by using the IRS mileage rate, and deduct it on your business tax return. Do not include commute to and from your business, and make sure to document the business reason for auto usage.

• Make your spouse part owner (shareholder) of your Sub S Corporation. A recent tax court ruling held that any money paid sole shareholders of “S” corporations from the business must be taken as payroll. That’s because “S” distributions are not subject to payroll taxes, and the...

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