Tax Services Portland OR

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.

Fred King, CFP
The H Group, Inc.
Portland, OR
Company
Company: Fee-Only Financial Planner ("No Commissions")
Type
Registered Investor: Yes
Education
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Service
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

Data Provided by:
Stephen Kirkendall
12014 Southeast Mill Plain
Vancouver, WA
Company
Company: Kirkendall Financial Services
Service
Income for Life/ Preserve Principal,Alternative Investments,Investment & Portfolio Management,Retirement Planning,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Individual Income Tax Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Annuities,Investment Consulting & Allocation Design,Estate Tax Planning,Asset Protection Strategies & Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Alternative Asset Class

Data Provided by:
R M Repp Accounting
(503) 236-4273
2722 E Burnside St
Portland, OR

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Woodruff & Curry Reliable Tax
(503) 235-2727
3804 SE Belmont St
Portland, OR

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Liberty Tax Service
(866) 871-1040
3318 Ne Sandy Blvd
Portland, OR

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Harold D. West (RFC®), CLU
(503) 597-2700
5285 Meadows Rd Ste 148
Lake Oswego, OR
Company
Sumner Financial Group Ltd
Qualifications
Education: MA
Years of Experience: 48
Membership
IARFC
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Annuities, Life Insurance, Charitable Planning, Asset Protection

Data Provided by:
Marino & Assoc
(503) 239-4716
1428 SE 20th Ave
Portland, OR

Data Provided by:
Paul Abbott & Assoc
(503) 232-1717
2405 SE 11th Ave
Portland, OR

Data Provided by:
Abbott Paul CPA
(503) 232-1717
2405 Se 11th Ave
Portland, OR
 
Able Business & Tax Service
(503) 460-3919
1777 Ne 39th Ave
Portland, OR
 
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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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