Tag Archives: small business taxes

Taxes: Depreciation Categories

When buying assets it is important to know the best way to purchase and depreciate to take advantage of tax loopholes. Capital expenses usually include the following assets: buildings, cell phones, computers and software, copyrights and patents, equipment, improvements to business property, inventory, office furnishings and decorations, small tools and equipment, vehicles and window coverings.Continue reading “Taxes: Depreciation Categories”

Lean Wednesday Tip: Maxing out Asset Depreciation Deductions

“If you max out asset depreciation deductions and have written it off 100%, it is best to donate it to reduce income taxes.”

Lean Wednesday Tip: Tax considerations for C Corporation Dividend Payouts

“Avoid double taxation of a C Corporation’s dividend payout by structuring payments to shareholders as consulting fees. Shareholders must actually offer advice for the payments to be considered valid tax deductible transactions.”

Top 10 Business Tax Shelters You Should Know

As we all know, two things are certain in life, death and taxes. I personally enjoy doing my taxes but like everyone else I don’t enjoy paying them. In business, it is critical that you know all the deductions that are available to you when it comes to keeping your bottom line healthy and yourContinue reading “Top 10 Business Tax Shelters You Should Know”

Lean Wednesday Tip: Issuing Section 1244 Stock

“Small C Corporations benefit from issuing Section 1244 Stock as it offers shareholders better tax treatment if they lose money on the disposition of their C corporation stock. It is best to create a written corporate resolution that specifically states that the shares are Section 1244 stock. Also, make sure to authorize more shares thanContinue reading “Lean Wednesday Tip: Issuing Section 1244 Stock”