Overlooked Tax Deductions: Vehicle Expenses Tax Deduction

Here is our last video in our long journey of posting these tax advice videos.  Today we will be talking about taking the vehicle tax deduction. This video took a little while to post because of the Thanksgiving holiday.  But we hope that you had a great Thanksgiving, and we hope you find this video about the tax advantages of deducting a business vehicle helpful.

The vehicle tax deduction is one of the most commonly missed deductions.  Many people don’t know how to deduct their vehicle because there are a few ways that it can be done.  And some people just don’t know that they can deduct their vehicle if they use if for business purposes.  Watch this video to learn more about the vehicle tax deduction:

A vehicle is a big expense. Deducting vehicle expense on your taxes can save you a lot of money at tax time.  Visit avoidbeingaudited.com to learn more about how to deduct your vehicle expenses on your taxes.  At this website, you will learn about our new CD set that will empower you with knowledge to:

  • Organize your finances
  • Develop Tax Strategies
  • Avoid being Audited
  • And to Never Worry about Being Audited Again!

Click here to go to avoidbeingaudited.com and start saving money on your taxes and stop worrying about being audited.

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Save Thousands on Taxes by using a Profit Loss Statement

When it comes to running your business, one of the most important tools you can use is a profit loss statement.  Essentially, a profit loss statement is a collection of all the financial data for your company.  It shows income and expense totals, and it breaks down your income and expenses so you can analyze where you are spending your money and if it is benefiting your business or hurting it.  Watch this video to learn more about profit loss statements:

Analyzing your business’s finances using a profit loss statement can save you a lot of money on your taxes every year.  Visit avoidbeingaudited.com to learn more about how to best use a profit loss statement.  At this website, you will learn about our new CD set that will empower you with knowledge to:

  • Organize your finances
  • Develop Tax Strategies
  • Avoid being Audited
  • And to Never Worry about Being Audited Again!

Click here to go to avoidbeingaudited.com and start saving money on your taxes and stop worrying about being audited.

How to Avoid S Corp Wage Penalties

If you own a business and your company is a C corporation or an S corporation, the IRS requires the officers of the corporation to be paid a “reasonable wage.” There is a lot of controversy about what exactly a reasonable wage is.  There are several factors to consider including:

  • training and experience
  • duties and responsibilities
  • time and effort devoted to the business
  • dividend history
  • payments to non-shareholder employees
  • timing and manner of paying bonuses to key people
  • what comparable businesses pay for similar services
  • compensation agreements
  • the formula used to determine compensation

Watch this video below to learn more about officer wages and how to pay them while avoiding penalties:

Figuring out how to pay your officers correctly can save you a lot of money on your taxes every year.  Visit avoidbeingaudited.com to learn more about how to figure officer wages without incurring penalties.  At this website, you will learn about our new CD set that will empower you with knowledge to:

  • Organize your finances
  • Develop Tax Strategies
  • Avoid being Audited
  • And to Never Worry about Being Audited Again!

Click here to go to avoidbeingaudited.com and start saving money on your taxes and stop worrying about being audited.

Overlooked Tax Deductions: Medical Expenses

Medical expenses are a difficult deduction because there is a specific ratio of expense to income that you can take.  This can be intimidating to understand and/or figure out.  We find that many of our clients don’t want to bother with this deduction because they either don’t want to mess with adding it up or they even think that they couldn’t possibly have spent enough on medical to take the deduction.  But these same clients are surprised when we convince them to add up their expenses.  With very few exceptions, these clients find that they can deduct their medical expenses.  Hello! This means they were paying too much in taxes!  Watch this video to learn a little more about the medical expense deduction and how it might apply to you:

Deducting your medical expenses can be a huge benefit and can save you a lot of money on your taxes every year.  Visit avoidbeingaudited.com to learn more about how to deduct your medical expenses.  At this website, you will learn about our new CD set that will empower you with knowledge to:

  • Organize your finances
  • Develop Tax Strategies
  • Avoid being Audited
  • And to Never Worry about Being Audited Again!

Click here to go to avoidbeingaudited.com and start saving money on your taxes and stop worrying about being audited.

Overlooked Tax Deductions: Meals and Entertainment

Meals and entertainment is probably one on the most common tax deductions that you hear about. But as we have worked with people in saving taxes, we have noticed that not many people don’t really understand the deduction. Also, we have found that many people do not take this deduction because they are afraid of the IRS disallowing it.  Watch this video to learn more about how to properly take this valuable deduction:

Deducting your meals and entertainment can be a huge benefit and can save you a lot of money on your taxes every year.  Visit avoidbeingaudited.com to learn more about how to deduct meals and entertainment.  At this website, you will learn about our new CD set that will empower you with knowledge to:

  • Organize your finances
  • Develop Tax Strategies
  • Avoid being Audited
  • And to Never Worry about Being Audited Again!

Click here to go to avoidbeingaudited.com and start saving money on your taxes and stop worrying about being audited.

Save Thousands by Creating an LLC

When it comes to owning and running your own business, there is a lot to consider and a lot to work out.  One major thing to consider is how to structure your business and your finances to save as much as possible.  Than means more profits for you right? Something that many people don’t consider, probably because they don’t know much about it, is setting up their business in as an LLC or Limited Liability Company.  There are many tax saving benefits to setting up your business as an LLC.  Watch this video to learn if an LLC is right for you!

An LLC can be a huge benefit and can save you thousands of dollars on your taxes.  Visit avoidbeingaudited.com to learn more about setting up an LLC properly.  At this website, you will learn about our new CD set that will empower you with knowledge to:

  • Organize your finances
  • Develop Tax Strategies
  • Avoid being Audited
  • And to Never Worry about Being Audited Again!

Click here to go to avoidbeingaudited.com and start saving money on your taxes and stop worrying about being audited.

Overlooked Tax Deductions: Licensing LLC

If you are looking to start a business/LLC or already have one, it is important to consider what licenses you need to have for your business.  This can be complicated because each business is different and requires several different types of licensing.  Here is a video we have created to help you understand what business licenses you may need to have.

Starting your own business can be intimidating, and learning how to manage the finances can be difficult.  There are certain rules you need to follow as a business.  Visit avoidbeingaudited.com to learn everything you need to know to make sure your finances are in order.  Also, you will learn how to manage your finances to ensure you are not paying too much in taxes.