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Tax Saving No Audit

Tax Saving

Tax Saving Tax Savings Do you feel that you overpay on your taxes every year?

You do not know why you are keeping paying.

My Video ” Let IRS Give you a Paycheck” shows you how to put money in your pocket.

The first step is to make sure you have an accounting firm that knows the answers.

Using Turbo Tax or a Free service does not have the Income Tax or accounting back round to save you money.

With Turbo Tax is nothing more than a program.  On the free versions, no place to answer.

Any of your questions.   How are you going to know if you are receiving tax saving no audit?

Smart Taxpayers will have to keep researching to get the answers. Even then you do not know if correct.

Free Services for tax preparation or accounting could be even worse than Turbo Tax. I have two issues with this form of accounting representation.

The first issue is that they will not have your interest at heart. If you only have only 1 w2 or one 1099r, then it could world for you.

Tax Savings Put money In your Pocket Now

Tax Savings Put money In your Pocket Now

Anything else must be cautious since they do not have advanced training to assist taxpayers. What tax saving if they only know the basics?

Knowing the dates is a tax saving one can quickly achieve.

IRS and most State department of Venues have dates to file.

If you do not pay the dates, you will pay a late fee.

Here are some of the dates. If you have a Corporation or LLC the time to file the return is March 15.

On the March 16th IRS will start to charge you $196 for every shareholder of record.

I see it every year that Business returns are filing late and have to pay late fees.

Sending in an extension or filling on time will avoid late fees.  That is like putting money in your pocket.

An extension is a form will extend the time to file your return to October 15.

Paying your business renewals is on time is another way a small business can make the government put money in your pocket.

Late charges will happen if you do not pay on time.  Every state has different fees so check with your state’s department of corporations.

May 1 is the due date in Florida. I tell my clients that must pay the renewal fee of $150 before April 30.  They will charge you a late fee of $400 on May 1.  Every month after that the taxes go up.  Paying in August will set you back $600. Why would you want to spend the extra $450?  That money saved is

an easy tax saving you can put in your pocket.

Estimated taxes is the easiest way to have a tax saving
If you have a business and you know that there is going to be a tax liability.

IRS will charge you the penalty and late fees for filing late.

Estimated Payments would be your tax saving for small business owners.

You start making 4 payments every quarter to the IRS.

Taxpayers who use this system avoid paying the extra penalty and interest.

IRS form 1040-ES is the form that your accountant or bookkeeper should be able to prepare for you.

Corey & Associates Accounting Services is responsible for this Blog post. We are an accounting Firm that is open year round.

The office is located at 1800 W 68 St Suite 118, Hialeah Florida, 33014. Free Consultation.

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Registered Agent Do you need one?

Registered Agent Do you need one?

A registered agent is required in most states to open your corporation or LLC.

What Is a Registered Agent?

They are a third party that represents your Corporation or LLC in your State.  This person or company must have an office in the state that you are forming the business.

All states have one thing in common when you are starting your business in that state. You have to have a representative of your corporation or LLC.

This is an example of how it works.

What is Registered Agent

You live in Maine but want to open a Corporation or LLC in Florida.  Florida law says that the office and representative must live and work in Florida.

When you use a registered agent, they will represent you in Florida.  Now you have an office in the state. The mailing address of your company can be in the other countries. They have no legal authority over your company. So a registered agent cannot open a bank account. Have no voting stocks.

Find out if you need a Registered Agent to start your Business.

Find out if you need a Registered Agent to start your Business.

Receive service of process is its only function. Registered Agents accept the operation of facilities if your company or LLC get sued.  Forms from the Secretary of State when the annual renewal of your company. In Florida, the email goes out on February 1. Check your state to see when is your renewal. Accept any forms should the state’s department of revenue has any tax bills.

In Florida, there are no state tax bills.

When choosing one make sure you select the correct one.  Should your business get any letters or lawsuits, they have to contact you.

Keep all of the contact information currents, so there are no miscommunications.

Mistakes will cost you time and money. In Florida not sending your annual renewal excellent start at $400 just one day late.

Florida Department of Corporation will make your corporation or LLC inactive after the due date.

Could come back to haunt you by paying late fees and other actions in the future.

Can You Be Your Own Registered Agent?

If you open your Corporation in your home state, then you can be the registered agent?

You just cannot have the company mailing address a post office back.

State of Florida said its ok to have a residential address is acceptable in most parts of the country. Check your department of corporations for more information.

What Are the Benefits of Having a Registered Agent?
You will not have to worry about missing an important document.

Should you get sued, no one will come knocking on the door of your residences.

No potentially embarrassing legal and tax documents in front of clients.

Could keep company legal and tax issues from staff and clients.

The company will always have a permanent address if you move. Now you will not have to go around and change all of the paperwork.

What If I Don’t Designate a Registered Agent?

Most states will not allow this when you are opening a corporation or LLC.  Go to your department of corporations to see if necessary.

In Florida, you will not be able to open your business without a registered agent.

Should you have any questions please contact our office. Corey & Associates Accounting has been assisting clients since 1985.

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Funny tax deductions.

Funny Tax Deductions

Funny Tax Deductions came from  Wisebread.Com
They researched why you can tax it without getting an audit.

IRS Tax courts have ruled that it was ok to take them

Please ask your accountant if its ok.

Below is a list that you will get the best laugh.

It is like the truth is stranger than fiction.

Free beer to your clients is ok to give away.
Strange but true. A gas station owner gave his customers free beer who filled up gas in their car.

Funny Tax Deductions that you can use now

Funny Tax Deductions that you can use now

Tax courts said this was a legal deduction.  You can give away anything way as a gift.

His business expenses were that using the gift as a way to bring clients into the station.

The gift was a free beer with a fill-up.

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 Funny Tax Deductions Fake Boobs

A stripper went out and made her boobs the most prominent possible.  Get Collecting larger tips was the reason behind this funny tax deduction.

It was a right of that was allowed.  IRS that it was a stage prop.   The rule is that it was not cosmetic. When it to make her look different it would not be a tax deduction.

Anything to increase sales that is legal is deductible.

This a strand and true Funny Tax Deductions.

A Fabulous African Safari

Taking a business trip if it was ordinary and necessary would not cause an audit.

The trip has been to advance the business.  Just making the trip to Disney World would not be a tax deduction

How the park handles the crowds, it could make the deduction.
Event planning or restaurant industry could make the case since learning how they handle the public.

Moving The Family Pets

Cost of running your pet across the country is considered a legal tax deduction.

They are considered personal effects.  It thinks the same as moving your  TV from one State to another.

Any expense to move over  75 miles is deductible.  IRS says that under that is considered a local move. How is that for funny tax deductions that you can use now

A trip to Bermuda – YES

I love this one. I have to find a way to do it.

Business convention held in Bermuda can be written off.  You do not have to have a particular reason to have a meeting in paradise.

There are around ten countries that fall under this deduction.  They are Barbados, Costa Rica, Dominica, the Dominican Republic, Grenada, Guyana, Honduras, Jamaica, Saint Lucia, Trinidad and Tobago, Canada, Mexico and all U.S. possessions. They all fall under special tax rules.

Traveling outside of the United States have different rules.

A Private Airplane – YES

A couple with a rental condo did want to drive the seven hours to check in.

There was only one flight a day to get to their destination.

They did the next best option and bought a jet.  Used the plane as a way to travel to meeting quicker.

Now all the jets expenses are deductible, and anywhere you go on it.

The ruling is that the trip must be so important to get on it.

I wonder if taking the jet to my inlaws would fall into that category.

My wife would think so.

 Funny Tax Deductions

A beautiful swimming pool – YES

Your swimming pool could be a deduction if prescribed by a doctor.

The taxpayer got a prescription that said he needs it after developing after emphysema.

So he put the pool as a medical expense. It’s now part of his medical deductions in his tax return.

The building of the pool would not be a deduction.

All of the expenses for cleaning the pool are a deduction. Some of them are cleaning, chemicals and upkeep to keep it blue.

Now the pool is swimming in tax savings.

Contact

Corey & Associates Accounting services are the author of this Post. We are a full-service accounting office and located in Hialeah Florida.

Since 1985 has assisted Accounting and tax questions for our clients.

We will as the right questions to get you the best accounting services.

Just minutes from any part of Miami-Dade and Broward County. Miami Lakes and Doral are just minutes away from the office.

It is just off the NW 122 Exit of the 826 expressway.  We offer a Free Consultation and advice on your business issues.

The phone number is 305-823-9228 and Email albert@1040w2.com.  Fax services are available, and the number is 305-390-0941.

You do not have to take our word on the quality of services. Check Google and Yelp to see what others have to say.

Our motto is that we do not want you as a Client. Clients only come once.  We want you as a friend since they will come for a lifetime.

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Youtube Channel will give you valuable tips and advice.

You will see tax issues explained in more detail.

It could be a powerful learning experience.

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This is valuable information that everyone can save money.

As a result, you can start to save money and time.

Just go out and follow these steps and watch your tax saving starts.

Thank you for reading this blog post.