» » »

Tax Services Mccomb MS

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.

Thaxton, Ronnie E CPA
(601) 684-8130
612 Delaware Ave Ste 10
McComb, MS

Data Provided by:
Jackson Hewitt
(601) 765-5040
810 Main Street
Collins, MS

Data Provided by:
Colbert Ball Tax Service
(601) 354-3554
3645 Metro Dr
Jackson, MS
 
ASAP1040 TAX SERVICE
(601) 953-6344
1301 HWY 489
LAKE, MS
Prices and/or Promotions
competetive prices

Lott T E & Co CPA's
(662) 328-5387
221 7th St N Ste 3
Columbus, MS

Data Provided by:
The Tax Depot
(601) 420-6100
109 Westside Cv
Pearl, MS
 
Jackson Hewitt
(601) 366-1199
3188 W. Northside Drive, Ste 113
Jackson, MS

Data Provided by:
Mid-South Tax Service
(662) 328-4919
157 S Mccrary Rd
Columbus, MS

Data Provided by:
H&R Block
(662) 840-6073
3929 N GLOSTER ST
TUPELO, MS

Data Provided by:
Blessings Tax Inc
(601) 373-1413
1611 Hawthorne Cv
Jackson, MS
 
Data Provided by:

Tax Saving Strategies

Provided By: 

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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media