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Started By
Message
re: Decreasing effective tax liability
Posted on 7/26/24 at 9:26 am to go ta hell ole miss
Posted on 7/26/24 at 9:26 am to go ta hell ole miss
hard to do if it's just a typical business. my wife has no travel, no golf outings, just typical expenses plus some CE every year. they have a SIMPLE IRA which maxes out (with makeup) at around 23-24 K this year, I think. buying more non essential stuff for the business just to save taxes doesn't make sense to me.
I suppose she could pay her employees more.
I suppose she could pay her employees more.
0
Posted on 7/27/24 at 8:25 am to Antonio Moss
Buy a farm.
Run a side hustle like owning rentals and you can milk some expenses.
Run a side hustle like owning rentals and you can milk some expenses.
Posted on 7/27/24 at 9:16 am to SwampCollie
quote:
-
Life expenses: within reason - lunch, golf, outings etc with potential clients, customers or investors.
quote:
pay a CPA, you should too. If they can't save what they cost or more they suck or your business isn't a business.
Who is your CPA that is able to legally write off golf and client entertainment outings? I’d like to give her my business because my guy cannot figure out how to do this anymore.
Posted on 7/27/24 at 11:15 am to go ta hell ole miss
quote:
quote:
-
Life expenses: within reason - lunch, golf, outings etc with potential clients, customers or investors.
Golf was hastily written and inaccurate. Lunch/Dinner meetings are still in play w/ narrower scope. Decent write up Navigating Meals & Entertainment deductibility
This post was edited on 7/27/24 at 11:28 am
Posted on 7/27/24 at 1:00 pm to SwampCollie
Fair enough. I got the meals, etc., even though there was limitations on those, too. But if I was missing a golf write off after 2017, I was going to have an unpleasant conversation with my CPA. Thanks for clarifying.
This post was edited on 7/27/24 at 1:01 pm
Posted on 7/27/24 at 1:17 pm to Antonio Moss
Get a CPA.
Posted on 7/29/24 at 6:39 am to Antonio Moss
If you own a business that is an S-Corp, and it is very profitable, start a Simplified Employee Pension. You can invest up to 69 grand tax free. Only issue is that you have to give every employee the same benefit. Ask your CPA about it more in depth.
Posted on 7/29/24 at 8:16 am to Antonio Moss
If you don't want to pay taxes, you need to structure yourself accordingly. If you are married you can make about 120K and pay close to zero in taxes. To do this you need to make "long term capital gains" your primary source of income.
No tax on 100K
No tax on 100K
Posted on 7/30/24 at 10:49 am to Antonio Moss
Probably not helpful for W2, regardless, finding the right CPA is crucial to reducing tax liability. Most CPAs are more concerned with making sure tax forms are accurate without regard for the impact on your bank account.
Congress has written tons of tax loopholes for mainly themselves and their cronies but they're in the tax code so available to anyone who knows. They're not talked about much and generally complex.
One that we've previously used, as business owners, is investing in a fund with the sole understanding that it will acquire land which will later be converted into a conservation easement. The investment in raw land is relatively cheap compared to the assessed value of the donation of the conservation easement. This creates a larger tax deduction than the cost of the 'investment'. The conversion to conservation easement requires an approval vote by the investors but they're all wanting that to happen. This is perfectly legal as congress has written it into the tax code.
Congress has written tons of tax loopholes for mainly themselves and their cronies but they're in the tax code so available to anyone who knows. They're not talked about much and generally complex.
One that we've previously used, as business owners, is investing in a fund with the sole understanding that it will acquire land which will later be converted into a conservation easement. The investment in raw land is relatively cheap compared to the assessed value of the donation of the conservation easement. This creates a larger tax deduction than the cost of the 'investment'. The conversion to conservation easement requires an approval vote by the investors but they're all wanting that to happen. This is perfectly legal as congress has written it into the tax code.
Posted on 7/30/24 at 12:46 pm to PerplenGold
quote:
Probably not helpful for W2, regardless, finding the right CPA is crucial to reducing tax liability. Most CPAs are more concerned with making sure tax forms are accurate without regard for the impact on your bank account. Congress has written tons of tax loopholes for mainly themselves and their cronies but they're in the tax code so available to anyone who knows. They're not talked about much and generally complex. One that we've previously used, as business owners, is investing in a fund with the sole understanding that it will acquire land which will later be converted into a conservation easement. The investment in raw land is relatively cheap compared to the assessed value of the donation of the conservation easement. This creates a larger tax deduction than the cost of the 'investment'. The conversion to conservation easement requires an approval vote by the investors but they're all wanting that to happen. This is perfectly legal as congress has written it into the tax code.
LINK
quote:
How Congress Finally Cracked Down on a Massive Tax Scam
The recently signed $1.7 trillion spending bill could accomplish what six years of IRS audits and DOJ prosecutions could not: shutting down “syndicated conservation easements” that exploit a charitable tax break meant to preserve open land.
This post was edited on 7/30/24 at 12:49 pm
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