Income Taxes - John M. Leask II CPA/ABV, CVA

Income Taxes

Warning Signs:

    • Income tax, payroll tax or sales tax penalties.
    • Lack of tax planning.
    • Paying too much in taxes.

Steps to Improve:

  • Schedule a year-end tax planning session with your CPA.
  • Plan the timing of your business decisions for tax benefit.
  • Plan record keeping to preserve worthwhile tax deductions.
  • Reconsider your form of business and the tax implications of it.
  • Become a S-Corporation.
  • Consider your policy writing off capital items.
  • Plan to maximize deductions for business car use.
  • Plan to maximize use of children where legitimate tax advantages exist.
  • Plan to cover spouse’s cost on business trips.
  • Cash in on tax advantaged employee benefits.
  • Plan to maximize use of home office deduction.
  • Recapture estimated income tax overpayments.
  • Recover past tax overpayments by carrying back this year’s loss.
  • Plan to maximize use available capital losses.
  • Plan to maximize use of investment tax credits.
  • Plan to use multiple corporations where tax and business advantages exist.
  • Plan to maximize use of start-up costs.

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