Smart Tax Reduction Strategies

Feb 11, 2013

Like most business owners you have probably developed your own tax reduction strategies and your CPA has gone along, even if he or she did not entirely agree with your aggressive approach. Legitimate tax reduction strategies are a good thing, but not at the expense of creating value. Let me explain. Your operating expenses might include a few personal perq’s that are questionable business expenses. When we talk about personal perq’s, we are referring to writing off a speed boat because it has your company name on the side which you call advertising, or an airplane because you sometimes use it to visit with clients or to take clients on trips. While these goodies are sometimes used for business, they really do not add value to your enterprise. Legitimate tax reduction strategies that add value to your business would be better use of your company dollars. Read more ...

Category: Taxes

Joan M. Ridley, CBA, CEPA, CFP™

Joan RidleyPresident of Business Wealth Solutions, a business consulting firm.

"We have identified numerous opportunities to protect and maximize corporate wealth both now and in preparation for ownership transition. In this economy, human and intangible capital are major corporate assets. Absent proper planning, business owners could leave dollars on the table, and face the risk of actually losing their unprotected assets and hard-earned wealth."

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