Take this test to see if you know how to get all the deductions you’re entitled to:
If you have a small business, do you know...
Yes No there are two tax systems in this country - one for salaried employees (paid on a W2) and one for small business owners?
Yes No a small business can mean more money for you than a second income?
Yes No you can probably save $2,000 to $10,000 per year by starting your own parttime business?
Yes No when you can deduct your meals (and those of your spouse) and what specific documentation is required?
Yes No how to deduct season tickets, home entertainment, lunches for your employees, business club dues and dues to civic organizations?
Yes No and understand how to turn your vacation into a tax-deductible write-off?
Yes No how to audit-proof your travel expenses for the IRS?
Yes No and understand the concept of income shifting and income splitting: one of the greatest single wealth-building secrets?
Yes No how to deduct all medical expenses and insurance premiums for your family?
Yes No how to turn your car into a tax-deductible goldmine?
Yes No and understand the criteria for deducting a home office (the misunderstood key to saving $15,000 every five years)?
Yes No the criteria used by the IRS in order to be deemed a business and not a hobby?
If you’re thinking about creating a business entity, do you...
Yes No know the pros and cons of a sole proprietorship and when you should consider changing its status?
Yes No clearly understand which type of entity is the best for you to choose?
Yes No know the two myths about Nevada corporations or LLCs? (That they will result in lower costs or that they will result in lower taxes.)
Yes No realize you can get assets and money into a corporation tax-free?
Yes No know why you should never transfer real estate to a regular corporation?
Yes No know how to get day care assistance for you and your employees on a taxfree basis?
Yes No understand the new and improved rules for company-provided adoption assistance?
Yes No know that you can get medical, dental and nursing home insurance for yourself and your employees tax-free?
Yes No know why every business should set up a qualified profit-sharing plan, a SEP or a SIMPLE IRA and stash away a ton of money tax-free?
If you own real estate, do you know...
Yes No when you should deduct all mortgage points paid to banks?
Yes No it’s much better to make repairs in investment property than to make improvements?(Don’t forget that proper documentation is required.)
Yes No it’s much better to make improvements on a principal residence than to make repairs?
Yes No the best way to transfer property as part of a divorce? (This is one of the most overlooked real estate tax traps that affects millions of Americans yearly.)
Yes No that under certain circumstances, land can qualify for the primary-home-sale profit exemption?
If you answered No to any of these questions contact us for a tax planning consultation!
