Tax Services The Dalles 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

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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:
Cornerstone Tax
(503) 648-4880
126 NE 3RD Ave
Hillsboro, OR

Data Provided by:
B & K Tax Svc Co
(503) 659-4224
13960 SE Mcloughlin Blvd
Oak Grove, OR

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Anvil Tax -Income Tax Preparation & Accounting ServicesAddress
(971) 227-9052
7052 Ne 9th Ave
Portland, OR
Hours
M-F 8 AM-5 PM Pacific time zone

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Douglas Armstrong
255 Stewart Ave. Suite 101
Medford, OR
Company
Title: Investment Advisor
Company: Armstrong Wealth Management
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Medicaid,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),

Data Provided by:
Cornerstone Tax & Financial
(503) 681-0370
435 SE Washington St
Hillsboro, OR

Data Provided by:
Liberty Tax Service
(866) 871-1040
1865 Ne Division St
Gresham, OR

Data Provided by:
H&R Block
(503) 585-5264
1361 LANCASTER DR
SALEM, OR

Data Provided by:
Aarons Bookkeeping & Income Tax Service
(503) 654-1543
16205 Se Mcloughlin Blvd
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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