How do you minimize your tax burden??

[hanks75]

Carpet cleaning is highly profitable. How do you keep your tax burden to a minimum??

 

[joe harper]

Buy a WHOLE bunch of Sh@t...that you will never use...Then buy a warehouse to store it in.

 

[Ken Snow]

Maximize your use of tax deferring vehicles such as IRA's, 401k's etc., set up a separate entity to buy your vehicles, building(s) etc, and charge your operating company rent. Take advantage of Section 179 deductions (this just accelerates depreciation and ultimately you still pay the tax in future years). Lots of other creative ways to legally avoid paying now, but ultimately the gov will get their money. Also be happy you are making money to pay from :-)

 

[Greg Cole]

Carpet cleaning is highly profitable. How do you keep your tax burden to a minimum??

According to Obama's dictatorship- start making less than $250k a year! @#!#@!$

 

[sweendogg]

 

[DevilThomas]

Carpet cleaning is highly profitable. How do you keep your tax burden to a minimum??

According to Obama's dictatorship- start making less than $250k a year! @#!#@!$

What are you ...a friggen child?
We paid way more under Ronald Reagan... :roll:

 

[Steve in Omaha]

Incorporate and take the vast majority of your compensation in dividends vs salary.

 

[J Scott W]

The goal of a suceesful owner / operator should be to break even on a larger scale each year.

Scott Warrington

 

[Mike Draper]

Carpet cleaning is highly profitable. How do you keep your tax burden to a minimum??

According to Obama's dictatorship- start making less than $250k a year! @#!#@!$

What are you ...a friggen child?
We paid way more under Ronald Reagan... :roll:

Our current taxes right now have nothing to do with Reagan or the current administration. I see you guys up there in Washington are trying to tax the shit out of every business you can though!

I just think being a tax cheat like the many of Obama's administration is the key ( Sec of treasury, Sec of Commerce nominee, Chief performance officer nominee, sec of labor nominee, sec of health and human services nominee,. When I get caught just say" oh, I didn't know I had to file taxes every year". :roll:

 

[Chris A]

Easy, I don't make any money shiteatinggrin

 

[Greg Cole]

Carpet cleaning is highly profitable. How do you keep your tax burden to a minimum??

According to Obama's dictatorship- start making less than $250k a year! @#!#@!$

What are you ...a friggen child?
We paid way more under Ronald Reagan... :roll:

Sorry - I was still in school under Reagan

 

[joe harper]

The goal of a suceesful owner / operator should be to break even on a larger scale each year.

Scott Warrington

:wink:

 

[steve frasier]

a good tax account will give you many ideas

this is a good start

Incorporate and take the vast majority of your compensation in dividends vs salary.

 

[Greg Cole]

Invest in expanding your business. Last year you could completly deduct up to 250k in equipment rather than depreciating it. I am curious to see what other "stimulus packages" are thrown out there this year

 

[handdi]

The goal of a suceesful owner / operator should be to break even on a larger scale each year.


i like that

 

[Jim Williams]

According to an accountant I was talking with recently, if you are an s-corp you can take 50% of your pay as salary which you have to pay all taxes on, then take the other half as a dividend and you don't pay self employment tax on that.

Or you could do what I do and keep adopting children. $10,000 tax credit for each adoption plus you now have another dependant. And the joy you recieve? Priceless.

 

[ACE]

8) After all the 179 deduction I might get the earned income credit this year .

 

[RIP IT]

I pay my accountant about $1300 per year and have set up a Family Trust and p/l so my assets are protected from litigation and my tax is always minimized.