I am in the business of tax planning for business owners. Our company helps business owners structure so that they can be reduce the taxes that they owe, making them far more profitable.
Since 1986 I have been helping successful business owners reduce taxes, protect assets, and limit their liability. The company is Owelesstax, incorporated at www.owelesstax.com
National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
The Business Owners Institute
Contributing author to "The Corporate Standard Newsletter".
I am also a writer for an email newsletter about business
I am also an Expert in the areas of Tax Law, Retirement Planning, and Estate tax issues.
I have been in the business of assisting business owners in reducing their taxes and liability for over 17 years. Providing retirement option that are not just tax deferred, and not limited to a "token" tax free contribution. Retirement plans that allow for total and complete access before you are 59.5 with no penalties
Many People who are wage earners don't consider themselves in Business when in fact they a stock portfolio, or Real Estate Investments, or an accumulation of some type of wealth. They are in business they just don't know it. If they ran that business as all of the most successful businesses do, they would be more profitable.
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The 2% limit works differently than you expect. Using your example: If your AGI (Adjusted Gross Income) is $90,000 and your 513 expenses equal $2000 the First $1800 of the expenses in NOT deductible
No. No way around it, the IRA is tax deferred even if he waits until he retires (59 1/2 years old), he will still have to pay taxes on all of it. If he tries to take it out before he is 59 1/2 not
Taxes apply to revenue. If there is no revenue, then taxes aren't an issue. If I understand your question, you are looking to put the ground toward developing income in the future. Maybe plant this
Incorporate the business, and quit taking so much salary. This would have numerous positive effects. First, you would not be paying personal taxes AND self employment taxes on all the income that the
In 2006 you set the sale price at $54,000, at that time your basis was $25,000. You had a gain of $29,000. If you accepted more than 10% down, you were expected to pay the tax on the gain in that year