Year end is only a few weeks away and as a business owner, it may be most tax advantageous for you to accelerate deductions into the current tax year. One way of doing this is to charge last minute expenses on your business credit card. The business receives a deduction at the time the card […]
Going through the rooms of our house for our family’s upcoming move, my wife and I were constantly debating whether or not we would keep or purge our accrued belongings. Instead of cramming the household items into bags and tossing them out with the trash, we knew our valuable, yet slightly used items could possibly […]
Read More… from Abbott Pratt Tax Talks: Non-Cash Charitable Contributions
Classify the money you put in the business as owner loans, NOT as equity By classifying the funds as loans, you are giving yourself the ability to repay once the business has sufficient cash flow. In addition, all owner loans should be repaid prior to taking compensation. Hold off on taking compensation If possible, it […]
Read More… from Essential Tax Strategies for Year 1 of Operations
The new 20% pass through deduc- tion can be a huge tax savings for many small businesses and their families. Get the conversation going now and strategize ways to take full advantage of this deduction! Our Pass Through Deduction Chart will help you focus your unique needs. [custom-button link=”https://granitepeakcpa.com/wp-content/uploads/2018/09/Abbott-Pratt-Blog-Mock-1.pdf”]Download Pass Through Deduction Chart[/custom-button] […]
Now is the time to be reviewing year to date earnings and fine-tuning year end income tax planning strategies. No one likes surprises, and as we have seen and discussed with clients, and as this article suggests, many taxpayers can be looking at unexpected liabilities come April 2019. Start the conversation now, so these next […]