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There are many strategies you can use as a business owner to keep more of your wealth and less away from Uncle Sam. I see too many people lose thousands of dollars of their hard earned money just because they did not plan a strategy or have no knowledge of the tax laws in this country. Here's a review of some tips from Diane Kennedy at www.usataxaid.com
Avoid audits as an employer: the IRS is looking at employers who hire independent contractors, so make sure you:
• Write a job description for the position which indicates limited control and an independent working environment
• Make sure your company's operating agreement and employment policies treat the position as an independent contractor
• Get a signed independent contractor's agreement between the company and the worker
• Have a completed form W-9 from each independent contractor you hire.
Real estate investing is the number 1 way to build wealth in this country. It also offers many tax-saving opportunities that many investors are not aware of. Once you learn how to save hundreds, if not thousands off your tax bill, you will reap the rewards of your real estate investments much faster.
Here is a review of some tax saving tips by Al Aiello of www.alaiello.com
• Saving taxes accelerates wealth: Tax-free compounding means your earnings accumulate not only on the principal, but also on your tax-free earnings too. This means that compounding combines earning power on principal and earning power on interest. This is a definite advantage of real estate investing. For example, if you save $2,000 a year on your tax bill and invest it in an IRA on a 10% return, after 20 years you will have $114,000. You can also use your tax savings to improve your rental properties for more cash flow.
Financial planning requires a system you can follow to be fully prepared for tax time. It's imperative that as real estate investors and business owners, you create an accounting strategy that avoids expensive mistakes, gets the most deductions and plans your wealth building accordingly. Here are some tips on how to achieve those goals.
DEDUCTIONS FOR REAL ESTATE INVESTORS
When it comes to maximizing deductions, it is much more beneficial for real estate to be considered a "business" and not just an "investment". Being considered also a business will give the property owner these advantages over being considered just an investment:
1. Eligibility to deduct start-up expenditures
2. Eligibility to deduct Section 179 first year expensing in certain situations
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Our Free Assessment allows you to find out just how much you could have saved over the years, and how much you could save in the future. Assessments can find missed deductions, potential audit triggers and identify compliance and asset protection risk.
For those about to file taxes, we offer a free consultation. Learn how you can legally reduce the amount you pay out, personally, or maximize the financial efficiency of your business as a whole. We also advise on business formation and business restructuring.
At the Wealth Building CPA we teach our students how to become savvy and wealthy investors without making costly mistakes. Our many articles, webinars and podcasts demonstrate how to use money and tax strategies to maximize profits and minimize losses. This aggressive approach will fast track you to financial success. We implement a lot of the teachings from renowned real estate and wealth building experts such as: Robert Kiyosaki, Robert Allen, Scott Scheel, Ron Legrand, Zig Ziglar, Carleton Sheets, David Lindahl, Robert Shemin, Dave Ramsey and many more.
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