Tax Services Oak Park MI

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.

Gene Wittstock
2000 Town Center
Southfield, MI
Service
Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,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,Fee Only Po

Data Provided by:
Mr. James H. Fydroski (RFC®), CFP
(248) 358-6970
26677 W Twelve Mile Rd.
Southfield, MI
Company
Haas Financial Services, Inc.
Qualifications
Education: BA, MA
Years of Experience: 15
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Medicaid Planning, Tax Planning, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Romy F. Gingras (RFC®), CFP, CLU
(248) 498-4827
2265 Livernois Road Ste 960
Troy, MI
Company
LPL Financial
Qualifications
Education: Bachelor of Science
Years of Experience: 23
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Anthony Agbay
1450 W. Long Lake Road
Troy, MI
Company
Title: Senior Vice President - Investments
Company: The Agbay Group, A Wealth Advisory Company
Type
Investment Advisor Rep: Yes
Education
Drexel University, BS Finance
Years Experience
Years Experience: 15
Service
Fee Only Portfolio Management,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Health Car

Data Provided by:
Mr. Donald P. Carnaghi (RFC®), CEP
(586) 228-7772
16950 19 Mile Road
Clinton Township, MI
Company
Premier Estate Planners, LLC
Qualifications
Years of Experience: 28
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Collectable Coins , Precious Metals, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, BuySell, Compensation Plans

Data Provided by:
Mr. Elliott H. Ring (RFC®), CFP, CPA, CPAPFS
(248) 827-7272
16250 Northland Dr #104
Southfield, MI
Company
Elliott H. Ring, CPA, PC
Qualifications
Education: BSA
Years of Experience: 27
Membership
IARFC, AICPA
Services
Invoice, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, Collectable Coins , Education Plan

Data Provided by:
Mr. Derrick P. Winke (RFC®), EA, MBA
(248) 816-1230
2701 Troy Center Drive, Suite 255
Troy, MI
Company
R & D Financial Services Inc.
Qualifications
Education: BBAMBA
Years of Experience: 24
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Compensation Plans

Data Provided by:
Christopher Mollan
31700 Middlebelt Road
Farmington Hills, MI
Company
Title: LPL Financial Advisor
Company: LPL Financial
Type
Registered Investor: Yes
Education
Michigan State University Bachelors of Arts, Business
Years Experience
Years Experience: 7
Service
IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Annuities,Alternative Asset Class Planning,Commission-Only Financial Planning (Full Disclosure),Planning For Personal Finances & Budgeting,Retirement Income

Data Provided by:
Charles Davis III
21 Kercheval Ave. Suite 270
Grosse Pointe Farms, MI
Company
Title: Principle
Company: Goodrich, Davis, Peabody
Type
Registered Investor: Yes
Education
B.A.,Economics, Wabash College 1965
MBA, Finance, University of Chicago 1967
Associate Professor, Financia & Ecponomics, Walsh College 1983-2007
Years Experience
Years Experience: 33
Service
Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Reverse Mortgage,Retirement Planning,Investment Consulting & Allocation Design,Estate Tax Planning,Individual Income Tax Planning,Mortgage Refinancing,CD Alternative,Alternative Investments,Real Estate Investment Planning,Planning For Personal Finances & Budgeting,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,High Yield Bank Accounts,Stock Market Alternative,Wealth Management,Investment & Portfolio

Data Provided by:
Thomas R. Mazza (RFC®), CEP
(586) 228-7772
16950 19 Mile Road, Suite 4
Clinton Township, MI
Company
Premier Estate Planners, LLC
Qualifications
Education: Bachelor's Degree Business Administration
Years of Experience: 28
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, Collectable Coins , CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Charitable Planning, Compensation Plans

Data Provided by:
Data Provided by:

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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