Maximizing Tax Benefits for Small Business Owners
What is a business?
- How does business revenue differ from other income?
- Avoiding the IRS hobby-loss classification
What qualifies as a business deduction?
- Why receipts aren’t enough by themselves
- What recordkeeping is needed
IRS audits
- Lowering your chance of an IRS audit
- Avoiding mistakes that send up “red flags”
- Recordkeeping that can survive an IRS audit
Common misunderstood business deductions
- Start up costs
- Vehicle expenses
- Home office deduction
- Health insurance and medical expenses
- Spouse or kids on the payroll
- Meals, entertainment and travel
- Is there a better way to deduct some expenses?
Tax and legal business structures
- Sole proprietorships and partnerships
- LLCs and corporations
- What’s the best tax structure for your business?
- Maximizing owner benefits
- Reducing fines from regulatory agencies
- Protecting your home and family’s assets from business liability
This class is being presented by Randy Roth, owner and principal of Incompass Tax, Estate & Business Solutions
