Tax Deductions
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Tax Deduction Strategies
Tax deductions lower your personal or business tax liability by reducing your taxable income. Deductions are typically expenses that you incur during the year that are applied against or subtracted from your gross income to figure out how much tax you owe to the IRS. Qualifying for these deductions may seem complicated, but our team at Secure Plus Financial has years of experience with them!
Have you ever wondered how much money you actually save by filing taxes? Turns out, the answer may be more than what you think. By taking advantage of deductions and other tax credits available to us as individuals or businesses; we can lower our personal liability with Uncle Sam!
Do you think you qualify?
Tax Deductions
Is your CPA maximizing your Tax Savings?
Almost all the clients we helped already have a bookkeeper, accountant, or CPA; some are even their family members or friends. Unfortunately, we found it is very rare that they are also tax strategists.
Maximize tax savings with Late S Elections
The IRS will facilitate the grant of relief to late-filing S Elections entities by consolidating many other revenue procedures.
Taxing your S-Corporation as a C-Corporation
A C-Corporation structure may be more beneficial. Under the Tax Cuts and Jobs Act, corporate income tax rates are a flat 21% compared to individual tax rates.
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.
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.
Why Choose secure plus financial?
In the last 12 months we helped our clients legally save $432,000 in Tax Payments! Your business can start saving thousands of dollars in Tax Liability today!
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Do you know how much you will overpay in taxes to the IRS this year?
Many elements of tax planning are quite simple, but it’s always worth speaking with a tax specialist who can offer you additional guidance on how to work within the tax system successfully. Schedule a free zoom call today: