Just these few strategies will result in huge tax savings!
1. Stop Paying Unnecessary Taxes!
If you form an S-corporation, you will no longer pay the additional 15%tax sole proprietors pay on the profit from their businesses! The beauty of an S-corp is it is not subject to self-employment tax! So stop paying Uncle Sam if you don't have to!
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2.Use Multiple Business Entities.
Use more than one business to handle your money making activities. These businessesfor instance, an LLC and a corporationwill work together to achieve your tax savings goals. Pick up all those passive losses you couldn't claim from your real estate investments with a Limited Partnership. Create more tax deductions by having one entity pay the other rent. The possibilities are endless!
3. Hire Your Family!
Get a big tax deduction for the money you dole out to your family for allowance, private school or savings! Make them work for it! You win all the way aroundget all those dirty little jobs done that you hate to do in your business and lower your taxes at the same time!
4. Write off ALL Your Medical Expenses!
Stop losing out on medical deductions because your income is too high! Form a Medical Expense Reimbursement Plan and write off all those prescriptions, insurance, braces, etc. as a business expense!
5. Get Free $$$ From Your Car!
Your car can get you tax free money if you use an accountable plan to reimburse yourself for business mileage! Your company gets the deduction and you get tax free money! That means you don't have to report it or pay taxes on it!
6. Give Away Your Equipment, Then Lease It Back!
If you've been in business for a while you have probably depreciated out all of your equipment. You can get create new tax deductions by giving the equipment to a relative or friend, then have your business lease it from them!
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Posted in Renovations Post Date 07/10/2020