Tags » Partnership Taxation (1065)

Tax Strategies for Small Businesses - Part 6

Under Utilized Deductions

In this free tax strategy update, I limited how much free advice I would provide. Instead of just throwing a bunch of bullet points together, I decided to get into some specifics around two areas that are likely to save you real money – Business Travel and Healthcare. 1,987 more words

General Taxation

Tax Strategies for Small Businesses - Part 5

Incorporating or Forming an LLC

The Internet is full of websites claiming that huge tax savings are available to businesses that incorporate or form a limited liability company (LLC) – in a company’s own State, or another State or Country. 365 more words

General Taxation

Tax Strategies for Small Businesses - Part 4

The Startup Expenditure Rules

As discussed earlier, ordinary and necessary expenditures are tax deductible. Very few businesses start earning revenue the day they were formed – in fact, most business owners spend a good deal of money before their business is established and/or starts earning revenue. 1,178 more words

General Taxation

Tax Strategies for Small Businesses - Part 3

The Importance of Accounting Records

Everyone in business must keep records. Good records will help you do the following.

Monitor the progress of your business.   You need good records to monitor the progress of your business. 639 more words

General Taxation

Tax Strategies for Small Business - Part 2

Charitable Contributions of Property and Services

Many well intended small business owners have asked me about making charitable donations of unproductive business property, goods or services. 173 more words

General Taxation

Tax Strategies for Small Businesses - Part 1

Small Business Tax Deductions

Business owners are great at spending money. Sometimes they spend wisely, sometimes not so much. Almost all spending in the pursuit of their business is at least partially deductible. 438 more words

General Taxation

Medical Expense Reimbursement Plan (Section 105) Eligible Expenses

In March 2010, the Patient Protection and Affordable Care Act (PPACA) amended previous legislated definitions of which over-the-counter (OTC) healthcare expenses are eligible for tax advantaged benefit plans such as Flexible Spending Accounts, Health Reimbursement Arrangements, and Health Savings Accounts. 122 more words

General Taxation