“Family businesses allow tax savings through income splitting between parents, children or other relatives.”
Tag Archives: tax planning
Lean Wednesday tip: Buying a Business, tax savvy contracts
“When buying a business get a written guarantee; ensure your purchase contract includes a stipulation that requires the seller(s) to promise to only sell the business if there are no taxes owed and that the seller(s) will be personally liable to the buyer if this turns out not to be true.”
Lean Wednesday Tip: Tax deductible Holiday Expenses
“Employee parties/outings, public entertainment and charity events are 100% deductible.”
Lean Wednesday Tip: C Corporation Tax Savvy
“C Corporations realize more tax savings when they lease instead of buy assets.”
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”
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”
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