| One of the key secrets to tilting the tax
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| | Bow Flex machine, even the Gazelle
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| laws in your favor is to own your own
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| | Trainer that you've seen on television -
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| business and shift the taxing structure
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| | not to mention free weights, a work out
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| to your advantage. In this article, we
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| | bench, etc - are all tax deductible
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| are going to cover just a small fraction
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| | through your company.
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| of the 300 deductions that are available
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| | 4. Business Gifts: Your company can give
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| to you as a business owner.
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| | gifts to individuals of up to $25.00 per
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| But first, I'd like to start with a
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| | year. Often, these gifts are given as
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| question: At any point in your life, did
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| | year -end or holiday bonuses. But a
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| your accountant make it a point to do a
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| | little known nuance is that your
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| comprehensive review of the tax
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| | company's gifts to other companies are
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| deductions that you can put to work for
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| | unlimited. So I suppose your company
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| you? If you are like most people, the
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| | could give a corporate gym membership
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| answer is probably not. I don't mean that
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| | away to your friend's company. I I can't
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| as a slam against accountants. It's
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| | see any reason for your friend's company
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| simply a wake up call to the fact that
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| | to provide a corporate gym membership to
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| most accountants and C.P.A.'s are simply
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| | your company in return.
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| income tax preparers, not income tax
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| | 5. Meals and Lodging: Under section 119,
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| planners. They may do a fine job of
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| | your company can cover the costs of meals
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| preparing tax returns but the information
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| | and hotel expenses required for overnight
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| that you are now learning is simply
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| | stays. These trips might involve
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| outside the scope of their services.
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| | researching new products, better sources
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| With that as a background, let's take
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| | of supplies, new real estate deals, etc.
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| some time to highlight a few of the more
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| | 6. Put Your Kids on the Payroll: Instead
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| powerful, yet lesser-known deductions
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| | of paying your kids an allowance, hire
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| that are available. When I speak at
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| | your kids and put them to work. They'll
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| seminars, I often teach people about my
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| | learn first hand, the importance of
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| Top-Ten favorites or what I sometimes
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| | having their own business, and their
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| call "The Golden Tax Secrets". In no
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| | salary is fully tax deductible.
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| particular order, they are:
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| | 7. Seminars: Your company can pay for
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| 1. Achievement Awards: Each year, your
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| | the cost of educational seminars- even if
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| company can give away to its employees
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| | they have nothing to do with your current
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| three separate awards. Each of these
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| | business. So, for example, if you want
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| awards is worth up to $1,600 per year in
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| | to learn how to invest in foreclosures,
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| kind. That means that you can't write
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| | your comapy can pay the freight. What
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| the employee a check for $1,600, but
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| | about things like golf lessons, ski
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| rather, you can present him or her a tax
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| | lessons, dance lessons or scuba diving?
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| deductible gift (in kind). Examples
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| | These can all be included!
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| include ski equipment, a plasma TV, golf
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| | 8. Dependant Care Plan: The tax code
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| clubs, cookware, etc. You get the idea.
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| | allows you to deduct up to $5,250 for the
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| The gift can really be anything other
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| | costs associated with caring for
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| than cash.
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| | dependants This includes young children
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| The first gift is for longevity. This is
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| | and our adult parents who, nowadays often
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| reserved to companies in existence for
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| | have to turn to us for help.
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| five years or more. You can present the
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| | 9. Moving Expenses: Your company can pay
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| gift to your longest standing employee
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| | the cost of an executive move - whether
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| and if you are the ONLY employee of the
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| | it is across town or across the country.
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| company, then this would definitely be
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| | 10. Your Retirement Plan. Your company
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| YOU.
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| | can establish its own retirement plan.
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| The second is gift is for safety. This
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| | It can include you, your spouse and even
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| gift is typically reserved for companies
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| | your kids. There are MANY different
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| in a risky business like construction or
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| | types of retirement plans to choose from,
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| a factory. I suppose rehabbing real
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| | and a retirement specialist can help you
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| estate would qualify.
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| | choose the best types of plans for you
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| The third gift is for sales excellence.
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| | and your family. Imagine hiring your
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| You can award your best salesperson this
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| | child, grandchild, or niece/nephew to
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| award based on their outstanding
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| | work for your business and paying them a
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| performance during the previous year.
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| | tax deductible salary which they place
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| 2. Your Annual Corporate meeting: The
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| | into a tax deductible retirement fund
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| law requires you to update your formal
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| | from the time they are age 7. You might
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| corporate documents each year. This
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| | also want to self-direct that plan into
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| includes keeping accurate financial
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| | your favorite investments. Just imagine
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| records, corporate resolutions and
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| | the financial head start that would give
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| minutes, etc. So, as the owner of your
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| | them.
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| business, you can combine your annual
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| | And those are just ten of my favorites.
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| meeting with a vacation, kill two birds
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| | There are many more available to help you
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| with one stone and make the entire trip
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| | save on taxes. By applying these tax
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| tax deductible! And you can bring your
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| | deductions, along with the other 300
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| family, too.
| |
| | deductions available to business owners,
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| 3. Your Corporate Gym: Unfortunately,
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| | you can save yourself thousands of
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| the IRS won't let you directly deduct the
| |
| | dollars each year on your tax bill. Take
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| cost of your gym membership. However,
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| | some time to see what deductions are
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| under section 132 (h) of the tax code,
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| | available to you, and be sure you aren't
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| you can deduct the cost of the Gym
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| | overpaying your taxes like millions of
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| equipment. So that Nautilus set, your
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| | other Americans!
|
