The Self Aware Leader with Jason Rigby How Business Owners can Reduce Their Taxes by 50% or More
This is the ABQ Business Podcast with your host Jason Rigby. Each week we interview leading business leaders to inspire the vision and the spirit that is in every entrepreneur. We discuss strengths, weakness, strategies, systems and the problems we can all solve together to fulfill a shared vision of a new future for Small Business.
1. What is tax planning?
How business owners can reduce their taxes by 50% or more:
•Legally •Morally •Ethically 2. Some Common Tax Planning Strategies- Home office helps vehicle mileage INCREASE
- Employing children or parents
- Buying or selling businesses
- Real estate accelerated depreciation
- Reasonable Compensation Reports to limit self-employment taxes
- Spouse as employee, business partner, and/or landlord
- Fringe benefits
- If you have a Company or Corporation
- SSN vs EIN
- You are not the company
- The company is not you
- State Statute vs Court Precedence
- Civil Suits have "Preponderance of the Evidence" Standard
- Criminal has "Beyond All Reasonable Doubt" Standard
- Corp Veil MUST be maintained AND documented – it's the LAW!
- If it is a law to have and document meetings…
- Then where you hold these meetings is up to you and the IRS allows you to take the tax deduction for these meetings
- Everything must be "Reasonable and Customary" for the IRS
Sandhya's Online Presence:
Website: www.jindalcpa.com
Please go to www.abqpodcast.com where you can get show notes, resources ,and links to everything we talked about today to help you navigate your journey as an entrepreneur and business owner in ABQ. Follow me on instagram at @abqjasonrigby or sign up for my email list here where I drop marketing secrets to help your ABQ Business!