TAX PLANNING
None of us wants to pay more tax than required by law. You’ve probably read or heard of various tax deductions or credits, but how do you know which ones are legitimate and whether they actually apply to you? Instead of taking the time to study the tax code, treasury regulations, and court cases, as well as take regular courses to learn how to apply them, just talk to someone who already has, who can answer your questions and provide solutions for your situation.
Tax-saving strategies
Some tax-saving strategies may require changes to how you do things, while others may simply be a matter of paperwork. However, once the year is over there aren’t many things that can be done to change the outcome (although there may be a few). Tax planning during the year, and especially when starting a new business, can save you thousands.
Some examples of common questions we get asked are below. Many of the answers are, “it depends,” meaning there are tax planning opportunities, which can turn into savings if implemented the right way and at the right time.
Business Entities
Should I form an LLC? How does that affect my taxes?
Business Use of Home
When can you deduct it? Should you use the traditional method or the simplified method?
Charitable Donations
Is there a limit on non-cash donations? What records do I need?
Hiring Family Members
Should I hire my spouse or kids? What employee benefis can I give them (or myself)?
Employer Expenses
If I have job expenses that aren’t reimbursed, what and how much can I deduct?
Medical Expenses
Are medical expenses deductible? What about mileage? Are my insurance premiums deductible if they’re not through my employer?
Mileage
What miles are deductible? Should I use the standard mileage rate or my actual expenses? What’s the easiest way to track mileage?
Meals and Entertainment
What qualifies a meal as business? How should I document these expenses?
Real Estate
When should I do a like-kind exchange? When is my income taxes at capital gains rates vs. ordinary tax rates? How does depreciation work?
Retirement
Should I choose Roth or Traditional? If I’m self-employed, should I have a SEP IRA or a Solo 401(k), or something else?
Self-employment Taxes
How much should I save for taxes? Can I reduce my taxes without spending money?
Travel Expenses
Can I deduct my trip if I conduct business? What expenses are deductible? Can I use per diem rates to deduct more than I even spent?
If you share some of these questions, have others, or just don’t know where to start, contact us to see how you can keep more of the money you earn.
PRICING
Tax Consulting – $240/hour
New Business Consulting – $400 for 2-hour session
Call, Text, or Email for an appointment (801) 853-7540 or office@dowcpa.com