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Tax Services Hazard KY

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.

Erich Castillo
1008 South Broadway
Lexington, KY
Company
Company: Cornerstone Wealth Management
Type
Investment Advisor Rep: Yes
Education
University of Kentucky
Bachelor of Arts in Education
Bachelor of Business Administration
Service
Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Fee Only Portfolio Management,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicaid,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidatio

Data Provided by:
Mr. Jay H. Millard (RFC®), MBA
(859) 291-0222
408 Fairfield Ave
Bellevue, KY
Company
Millard Advisory Group
Qualifications
Education: Bachelor of ScienceMaster of Business AdministrationFinanceTax
Years of Experience: 13
Membership
IARFC, MDRT
Services
Invoice, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Healthcare Accounts, Asset Protection, Compensation Plans

Data Provided by:
Fuller Tax & Accounting Service
(270) 826-3037
201 Klutey Park Dr
Henderson, KY

Data Provided by:
Jackson Hewitt
(502) 364-9811
3332 Taylor Boulevard
Louisville, KY

Data Provided by:
Liberty Tax Service
(866) 871-1040
13416 Phelps 632 Rd
Phelps, KY

Data Provided by:
Mr. David W. Hudson (RFC®), CPAPFS
(859) 219-1601
3306 Clays Mill Rd Ste 102
Lexington, KY
Company
Financial Concepts, Inc.
Qualifications
Years of Experience: 8
Membership
IARFC, AICPA
Services
Invoice, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Business Coach, Education Plan

Data Provided by:
Chris Risher
9900 Corporate Campus Dr
Louisville, KY
Company
Company: C Risher Financial, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BBA
Years Experience
Years Experience: 10
Service
Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Hea

Data Provided by:
Jackson Hewitt
(270) 782-3331
1918 Russellville Rd
Bowling Green, KY

Data Provided by:
Campbells Tax And Accounting Inc
(606) 886-2030
1938 Ky Route 321 # 3
Prestonsburg, KY

Data Provided by:
Jackson Hewitt
(502) 716-7435
218 Amy Avenue
Louisville, KY

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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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