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Tax Services Belton TX

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.

All Time Tax & Bookkeeping Services
(254) 598-4949
5433 loop 205
Temple, TX
Prices and/or Promotions
Individual $25(e-file), Family $45(e-file)

Liberty Tax Service
(866) 871-1040
1408 S 31st St # A
Temple, TX

Data Provided by:
H&R Block
(254) 690-0237
2100 S WS YOUNG dr
KILLEEN, TX

Data Provided by:
Michael J. Fitzgerald, CPA/PFS, CFP(R), MST
2500 City West Boulevard
Houston, TX
Company
Title: Retirement Planning Texas - President
Company: Retirement Planning Texas - Fitzgerald Financial Partners, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
Texas A&M University - Masters of Tax Consulting
Texas A&M Univeristy - Bachelors of Business Administration - Accounting
Blinn College - Associate of Science - Accounting
Years Experience
Years Experience: 10
Service
Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Pension for High

Data Provided by:
Kris Maksimovich
18170 Dallas Pkwy.
Dallas, TX
Company
Title: President
Company: Global Wealth Advisors
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
Missouri State/Finance
University of TX/Finance
Texas Tech/Finance
Years Experience
Years Experience: 25
Service
Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies

Data Provided by:
Mullins Business & Tax Svc
(254) 773-3334
1714 W Avenue H
Temple, TX

Data Provided by:
Liberty Tax Service
(866) 871-1040
1402 E Rancier Ave Ste A1
Killeen, TX

Data Provided by:
H&R Block
(254) 690-7323
201 E Central Texas Expy Ste 620
Harker Heights, TX

Data Provided by:
Mr. Patrick J. Wehrly (RFC®), CEP, CSA
(281) 528-5760
3325 Spring Cypress Road Ste 100
Spring, TX
Company
Offices of Patrick J. Wehrly
Qualifications
Years of Experience: 20
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Business Planning, Trustee Service, Retirement Planning, Tax Planning, Tax Returns, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, Asset Protection, BuySell

Data Provided by:
W. Todd Hickman (RFC®), CSA
(409) 832-9922
1391 Calder Avenue
Beaumont, TX
Company
Asset Growth Associates Tax and Retirement Advisors
Qualifications
Education: BBA
Years of Experience: 24
Membership
IARFC, SCSA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Healthcare Accounts, BuySell, Compensation Plans

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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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