Schedule C to S-Corporation Tax Strategy
If you are a sole-proprietor operating with an LLC, you can elect to be treated as an S-corporation for tax purposes.
Tax Hikes
Claiming your Home Office as your Primary Office
If you have a business location outside of your home, but also maintain a home administrative office to run your business, you can claim the home office as your primary office.
5 Medical Reimbursement Tax Strategies
There are several medical reimbursement tax planning strategies available for your business. They diverge in their capacity to establish tax savings.
Claiming Tax Deductions for Fringe Benefits
Confirm your assets are being depreciated and properly capitalized. Often, your accountant might not be doing this properly.
4 Health Care Tax Strategies for your business
Health Care is one of the most powerful tax strategies available to maximize the tax savings of your business. As a business owner, you have more options to save on healthcare and insurance costs.
Maximize the Depreciation of your Assets
Confirm your assets are being depreciated and properly capitalized. Often, your accountant might not be doing this properly.
2021 Tax Deductions: Meal Categories
Under the IRS regulations, you may deduct 50% of the cost of business-related meals. However, in 2021-2022 you can deduct 100% of the cost of business related meals.
3 Travel Expenses to maximize your Tax Savings
Business owners may perform business travel for several reasons. Often, owners are hesitant to take travel related deductions or are unaware that using some simple strategies, they can combine travel deductions and vacation.
Tax Deductions: Home Office
If your office location is in your house, you can deduct your bills for insurance, utilities, security, association fees, maintenance and general repairs.
Hire a Tax Professional
Hiring an experienced expert can make a difference. The key here though is to plan in advance! Don’t wait until the dreaded deadline each year, April 15, to start thinking about tax savings.