Tax Services Murfreesboro TN
Johnson City, TN
Title: REGISTERED REPRESENTIVE
Company: LINSCO PRIVATE LEDGER
Investment Advisor Rep: Yes
Registered Investor: Yes
MILLIGAN COLLEGE BUSINESS/PHYCHOLOGY
NORTHWESTERN UNIVERSITY FINANCE/TRUST
UNIVERSITY OF COLORODO TRUST
Years Experience: 28
Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Asset Protection Strategies & Planning,Income for Life/ Preserve Principal,Health Care Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Estate Tax Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Long-Term Health Care Planning,Planning For Personal Finances & Budgeting,Individual Income Tax Planning,Pension for Highly Compensated Owners,Wealth Management,Life Insuranc
Estate & Financial Strategies Inc
Years of Experience: 16
Invoice, Estate Planning, Portfolio Management, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Charitable Foundations, Asset Protection, LiabCover
Cody Financial Solutions
Education: B.B.A., Business Administration, Belmont University. Life Underwriter Training Council Fellow and Financial Services Specialist, The American College.
Years of Experience: 8
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, BuySell, Compensation Plans
Soddy Daisy, TN
Title: Financial Advisor / Agent
Company: Mountain Wealth Management
Registered Investor: Yes
BS Business Administration University of Tennessee
Years Experience: 25
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,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strat
Title: Vice President
Company: Financial Strategies Inc.
Investment Advisor Rep: Yes
University of North Carolina - BS Business Administration
California State University Sacramento - MBA
Years Experience: 27
Wealth Management,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Fee Only Portfolio Management,Life Settlements,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Pl
Tax Saving Strategies
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...