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Your Business
Entity Choice
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Forming a business entity is a big step. When you incorporate your business you have four basic entity types to choose from that will determine how your business is structured.
Choosing the right business entity can have enormous tax, liability, and estate planning consequences. Each one has its advantages and disadvantages, there isn’t one “best” business entity.
Business owners have to select the structure that best fits their needs. This is an area you should evaluate regularly to truly maximize your tax benefits. Watch these lessons to learn more
Choosing the right business entity can have enormous tax, liability, and estate planning consequences. Each one has its advantages and disadvantages, there isn’t one “best” business entity.
Business owners have to select the structure that best fits their needs. This is an area you should evaluate regularly to truly maximize your tax benefits. Watch these lessons to learn more
Business Or Hobby?
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Is Your Side Hustle a Business?
Running a business isn’t easy and isn’t always profitable. In fact, successful businesses often report losses on their income taxes. You can use these losses to offset taxable wages, interest and income generated by rental property, and a number of other things, but you have to be smart about it.
The IRS keeps an eye out for people who claim they are running a business as an attempt to write off their hobbies. As a result, if your tax returns raise a red flag for the IRS, they will disallow your deductions - causing you extra tax! Follow these steps to protect your investment in your side hustle and reduce your taxes at the same time.
Running a business isn’t easy and isn’t always profitable. In fact, successful businesses often report losses on their income taxes. You can use these losses to offset taxable wages, interest and income generated by rental property, and a number of other things, but you have to be smart about it.
The IRS keeps an eye out for people who claim they are running a business as an attempt to write off their hobbies. As a result, if your tax returns raise a red flag for the IRS, they will disallow your deductions - causing you extra tax! Follow these steps to protect your investment in your side hustle and reduce your taxes at the same time.
Vehicle Deductions
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Are you using your vehicle to cut your tax bill?
There are two methods for deducting business-related vehicle expenses - which one is best for you depends on your personal circumstances.
You may even qualify for up to $40,000 in tax credits for your vehicle! Watch these lessons to discover your own tax reduction.
There are two methods for deducting business-related vehicle expenses - which one is best for you depends on your personal circumstances.
You may even qualify for up to $40,000 in tax credits for your vehicle! Watch these lessons to discover your own tax reduction.