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Business debt restructuring: How to do it with money saved on taxes

CTP

Saving money on taxes is one of the best ways to accomplish this. These methods are especially beneficial if a business is facing a hard time in general. How to save money on business taxes. Taking advantage of the Qualified Business Income tax deduction. Here’s how you can do it.

Tax 98
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Business Start Up Costs: Projecting Expenses and Tax Treatment

inDinero Accounting

Some businesses may be remote, so the office space cost would be much lower or non-existent. Marketing An established B2B business might spend 10% of annual revenue on marketing, while a B2C business may spend 5%. For future reference, this is the same definition that qualifies expenses for small business tax deductions.

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The (Potential) Tax Benefits of Establishing a Family Office

CTP

Meanwhile, family offices are continuing to look for tax reduction opportunities, and some are turning to another business tax deduction—this time for “ ordinary and necessary expenses.” If this TCJA provision is not extended, family offices may once again be able to use miscellaneous itemized deductions in about two years.

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Unpacking the Tax Credit Hype: Which Employers Qualify for the Employee Retention Credit?

CTP

By familiarizing yourself with ERC basics, you can more reliably determine if this tax credit could be available to your business. For assistance navigating the requirements around the ERC and other business tax credits, start a conversation with a Certified Tax Planner today.

Tax 52
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Driving Your Way to Tax Savings: Calculating Mileage for Your Business Write-Offs

CTP

For instance, you may have heard the advice that “ if you own a business, you’re married, and your spouse has a car, just drive their car occasionally so you can claim their vehicle on your business tax return.” The majority of the miles driven must have a legitimate connection to your work.

Tax 52
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Business debt restructuring: How to do it with money saved on taxes

CTP

Saving money on taxes is one of the best ways to accomplish this. These methods are especially beneficial if a business is facing a hard time in general. How to save money on business taxes. Taking advantage of the Qualified Business Income tax deduction. Here’s how you can do it.

Tax 52