Tag Archives: deductions
Limited Partnerships
Thursday, May 6, 2010 // 0 Comments // Tax Law
Because some companies, such as mining or oil drilling ventures, have large start-up costs and substantial risks of going under, the government allows investors to take tax deductions for initial funding of these companies. Investors receive immediate tax savings, as well as the potential long terms gains if the company prospers.
Read more & Talk about itCharitable donations
Thursday, May 6, 2010 // 0 Comments // Tax Law
Making charitable donations is a legitimate way to reduce your taxable income, and as a result reduce the overall taxes you’d have to pay.
Read more & Talk about itTax credit
Thursday, May 6, 2010 // 0 Comments // Tax Law
A tax credit is different than a tax deduction, which reduces taxable income. A credit, though, reduces your tax liability dollar-for-dollar. For example, if there were a tax credit of $1000 for using environmentally friendly construction materials, you would owe $1000 less in taxes that year.
Read more & Talk about itAre deductions allowed for business-related entertainment expenses?
Thursday, May 6, 2010 // 0 Comments // FAQs
Entertaining customers is sometimes a key part of the job, so the IRS does allow deductions. You may only deduct 50% of the expenses for a business lunch or dinner though. Besides meals out, deductions are permitted for taking a client out to a ball game or even hosting a client dinner at your home. [...]
Read more & Talk about itI’m planning to start a small business, but I’m worried I’ll do something wrong and violate IRS rules. What can I do to avoid trouble?
Thursday, May 6, 2010 // 0 Comments // FAQs
The best way to avoid problems is to keep detailed records and to seek the advice of financial professionals. For example, if you’re making deductions for auto expenses and for advertising, you’ll need to keep all canceled checks and other documents pertaining to those deductions. Be especially vigilant with maintaining records for travel, entertainment, and [...]
Read more & Talk about itTax Strategies for Business Owners
Thursday, May 6, 2010 // 0 Comments // Financial Guides
Business tax strategies are generally aimed at reducing tax liabilities and maximizing credits and deductions. Planning in advance is key to successful strategizing, as is diligent recordkeeping. Businesses benefit from individualized planning to meet their specific needs, since strategies that may help a business at one income level could actually hurt a business at a [...]
Read more & Talk about itTax Strategies for Individuals
Friday, January 1, 2010 // 1 Comment // Financial Guides
With proper planning, individuals can utilize strategies to reduce their tax bills. The CPAs of Four Brothers Financial, LLC. are experts at identifying and implementing these strategies for you. Our goal is to help you save money. Tax strategies include: Recordkeeping: We’ll help you develop accurate and efficient recordkeeping. Maximizing Deductions: With full knowledge of [...]
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