How To Reduce Your Tax Liability For 2015- 4 Powerful Strategies

How To Reduce Your Tax Liability For 2015- 4 Powerful Strategies

Want to reduce your tax liability and increase your tax liability strategies? Hеrе аrе 4 simple steps thаt аnу small business owner саn tаkе tо lоwеr уоur tax bill fоr thіѕ year. STEP #1: Understand Hоw Sеrіоuѕ Yоur Tax Problem Iѕ Arе уоu aware оf јuѕt hоw muсh іn taxes уоu аrе paying? Here’s hоw muсh thе average family spends оn vаrіоuѕ consumer categories — аѕ а percentage оf income. Yоu muѕt realize thаt it’s nоt hоw muсh уоu spend оn taxes thаt іѕ important, it’s hоw muсh уоu spend оn taxes аѕ compared tо аll оthеr major categories оf spending. That’s playing the tax liability game effectively. read...
How To Write Off Practically Anything

How To Write Off Practically Anything

How to Write Off Practically Anything When it comes to tax deductions, there are a few schools of thoughts. There are the people who want to write off everything, whether it’s legal or not, and figure the cost of an IRS audit won’t be that bad. Or they think they can’t ever get caught and their invisible, or so they think… That’s group #1. Group #2 is the group who doesn’t want to write anything off. In fact, I’ve had some clients who tell me at the beginning of a consultation that they want to purposely overpay their taxes. If the tax due is $10,000, they’ll write a check for $11,000. They figure that will keep the IRS away. The IRS doesn’t take bribes. This plan doesn’t work. read...
Is Home Ownership Still Worth The Tax Write Off?

Is Home Ownership Still Worth The Tax Write Off?

I get this questions a lot from my clients asking me if home ownership and having a mortgage is still worth it for income tax purposes. My answer for the most part is yes. Now for purposes of this article, we are not going to address those of you – not me – who are heading toward retirement and winding down your earning years. Many of you are thinking about paying off your homes.  Depending on your income tax bracket that may or may not be such a great idea. Mortgage interest and home ownership is by far the best tax write off or tax deduction available. Last week, I told you about strategic tax planning being by far the best way to lower your income taxes. Even if you make the silly mistake of not tax planning, home ownership and having a mortgage is a great way to lower your income taxes. read...

The Importance Of Bookkeeping for Financial Forecasting

Financial forecasting reminds me of the weather – you make your forecast at a moment in time based upon the information currently available. You draw a conclusion and state your financial forecast. But then, the information changes, now it’s raining, and you’re caught without your umbrella! Financial forecasting, unlike the weather, isn’t a science but it’s not pure guess work either. It is a combination of the following: Knowing your business Understanding your marketplace Setting goals Using common sense. As a business strategist, I know that every small business needs to make reliable financial projections at one time or another. Forecasting is critical during the following stages of a company’s life span: read...

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