The absolute most Important Tax Planning Strategy/Tool You NEED. This is a Cornerstone to Business planning and preparation. This will Change the way you OPERATE. Please watch and share with Anyone You care about. This Tax Advice is perfect for small business. Tax Relief and Tax deductions reviews.
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My question is if I close my company for a week and take vacation time, Am I loosing money or making something good to pay less taxes because my profit will be less ? . I won’t make money that week. Thank you
It's obvious that the guy on the right was audited because he is not handling his business and he manipulates tax allowances.
The guy on the left is doing everything above board and be is not worried about being in trouble. He also looks like George Clooney. Go on ahead, George! Be like George.
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Good info...the game is broken down into the strategy of - organize the financial map and expand.
Upon expanding communicate with competition and use your best etiquette.
Tax time always buy a new everything and sell what was used the year or two before. Consider all "loses" as paying up front for good karma!
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One of the simplest ways to keep track of expenses, for me, happens right at the cash register. I take my receipt and put a p for personal or w for work at the top of the receipt and if it is for work I put the job name and/or address under the w. Then on Mon. morning when I go through my wallet sorting my weeks receipts it's very easy to sort them and break them down by job to figure my p/l for each job so I can see where I did good and not so good rather quickly.
Can someone tell me how this will work? This is just a random example. Let's say I spent $10,000 on my company this year and only bring in $5,000. So I loose $5000 as far as taxes go what happens please give a through exclamation
You spend $10,000 but only make $5,000. You have a net loss of $5,000. You do not owe anything in taxes. You can only expect to get something back if you made estimated tax payments and paid medicaid and social security taxes for yourself and employer which happens to be the same people in case you are a sole proprietor. As long as you show a profit three out of the last five years, the IRS will not likely audit you or have questions. If you don’t, the IRS may see your business as a hobby and deny certain deductions. Can you get a tax refund for that loss? Getting refunds and benefits from your business loss depends on the type of entity your business is. If you are a single member LLC or sole proprietor or S corporation with pass through taxation, then your income or losses will be included in personal tax returns on a regular 1040 with all supporting schedules. Schedules A, B, C D, etc are used help tax preparers to calculate how much is owed in taxes. All those totals from various schedules are transferred to your 1040 as other income and offset or added to regular income to arrive to TAXABLE income, not to be confused with Gross income or AGI (Adjusted Gross Income). Let's say your taxable income is $20,000. You could have made $80,000 gross income but SOMEHOW with tedious tax plan and help from your CPA managed to write off most of your expenses and get it down to only $20,000 which is what will be taxable. According federal Income tax bracket you will pay as follows: 10% for the first 9,525 which is $952.50 plus 12% of the amount over $9,525 until taxable milestone of 38K, which in our case would be $20,000 - 9525 = $10,475. Now, you pay 12% of it which is $1,257. SO, your total tax is $952+1,257 = $2,209. Which gives you your effective tax rate, which basically means how much in taxes in relation to your gross income you paid. In case above, you made $80K and paid only $2209 => 2,209/80,000 = 2.8%.
What if I have a fulltime job with a W-2 and my own company10-99 but I
spent about 5 thousand on building my company but didn't make anything
in return yet because I haven't started selling or opened yet. Can I
deduct the 5 grand from my w-2?
A good tip for 1st yr start up's is to deduct 100% of your assets like an expensive mower, instead of depreciating it through multiple yrs. It's called Section 179 deduction. It helps soften the cost of starting a a business. The downside is any asset you claim 100% on, you can't claim depreciation on the any following yrs. because it was 100% claimed already. You could adjust the % to claim in the 1st yr. so you could claim any %. Example: 75% 1st yr. the remaining 25% would depreciat through remaing yrs of use, etc...Here is a link explaining it. https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Taking-Business-Tax-Deductions/INF12043.html
here's a few tips to think about before you setup your own cleaning business
are you likely to have support from you spouse?
Are you self-motivated?
Will you carry out the plan?
Do you have the money to go ahead?
(I learned these and the reasons they work on Ayalisse Clean Biz site )
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clos 21 careful writing of the entire cost of your vehicle the first year. If you claim sec. 179 you need to do actual expense on your vehicle expenses on the first year and all coming years. If you drive a lot of mileage you will loose the opportunity of claiming mileage instead of actual expense on that vehicle.
clos 21 depending on where you are you can claim part of the tax, car value up to a small amount, wear and fuel expenses if you drive to or from your place of business to or from a client...but not if you use it for personal use and not the entire value of the car.
Taxes, the reason most business go into debt. My questions come with cash. Do a video on that, please. I can't tell my cash stories. My grandpa says never to tell anyone about your cash, not even him. That was very good advise, once again. Section 179 here I come.
At some point you can always break even and just keep buying and expanding. There is Nothing wrong with playing the game and winning as long as you play fair. Now days store credit will go further than a bank loan.
You can expand based on store credit alone. Worst case you have a legit business making loot and bad credit. Life!
Wow great video stan. First year for me. I was thinking all along that I would need to have a perfect record of all my invoices is that not the case? What I gather from your vid is all I need is my business account bank statements. I was also saving all receipts do I need to keep those too?
I plan to talk to an accountant before tax season just to be %100 sure what I am doing is Okay.
What is the age that you should start paying taxes or is it based on how much you make a year. The reason I ask is because I'm 15 and will be 16 in January and I have my own lawn care business and don't wont to get in any trouble with the IRS
+Kyles Lawn-Care Any money you earn is subject to income tax, as an American, whether you are 12 or 100. But the amount of money you earn is probably small enough to take the standard deduction and owe nothing in tax.
Owned buildings at another site may be used as alternate workspace if a building cannot be occupied. This depends upon the location of the building and whether the building would be affected by the same hazard that prevented use of the primary building. The alternate facility may be a viable business recovery strategy if the building can be configured with the required equipment or existing equipment can be configured to need business requirements.
Systems and Equipment.
Evaluate these systems to determine whether they meet the needs of the program. Identify and plan to overcome emergency communication system limitations such as weak radio or cellular service or areas where a warning system cannot be heard. Upgrading this critically important system may be required. Verify that these systems are in reliable working condition.
If fuel, battery backup power or batteries are required, make sure the system can run for the required time and chargers are available. Document how to operate these systems and mark the locations of controls. Make sure the information is available during an emergency. Many of these systems also require periodic inspection, testing and maintenance in accordance with national codes and standards. Train staff so a knowledgeable person is able to operate systems and equipment.
Materials and Supplies.
Be sure to compile a list of available resources using the Emergency Response Resource Requirements and Business Continuity Resource Requirements worksheets as a guide.
Preparing for an emergency, responding to an emergency, executing business recovery strategies and other activities require resources that come from outside the business. If there were a fire in the building, you would call the fire department. Contractors and vendors may be needed to prepare a facility for a forecast storm or to help repair and restore a building, systems or equipment following an incident.
The following external resources should be identified within plan documents. Include contact information to reach them during an emergency and any additional instructions within the preparedness plan.
Public Emergency Services.
Contractors and Vendors.