Tom Wheelwright's Articles in - RightBiz Information Portal

RightBiz Article Directory & Information Portal
Find articles, free website content & article submission.

Blog Article Directory Newsletter Audio Books Main Store Office Supplies Art Prints

Free Content Syndication

Tom Wheelwright's Articles in

Show All\|Display Category\|Title\|Newest\|Oldest
Tax Elimination, Wealth Strategies and Your Children Tax elimination is my favorite type of tax planning because it permanently reduces taxes. Put Your Children to Work and Reduce Your Taxes What Can Your Children Do For Your Business? As a parent, I'm always looking for ways to teach my children life long lessons about money. One of the best teaching tools I have found is money! The Biggest Mistake With C Corporations and How to Save Taxes Using the C Corporation Double Tax When used correctly, C Corporations are a great way to supercharge a tax strategy. I find that when my clients make the most of their C Corporations, they reduce their taxes by a minimum of $10,000 every year. New Tax Legislation Could Save Dentists $$Thousands$$ in 2008 Have you thought about upgrading your equipment to the newest industry standards but were afraid of the cost? Or perhaps you want to improve your office to make it more comfortable for your patients? Do you need to upgrade your reception area to make it more efficient for your administrative staff or look nicer for your patients? How Your Bookkeeping Can Boost Your Tax Deductions One of the keys to bringing your tax strategy full circle is your bookkeeping. It's one thing to know what's deductible and how to maximize your business deductions, but unless that gets reflected in your bookkeeping, it's as if the tax planning never happened at all. Use this checklist! Standard Mileage Rates Are Increasing: Find Out How Your Home Office Can Help You Deduct Even More With gas prices on the rise, the IRS has announced an increase in standard mileage rates effective July 1st. For business miles, the rate is increasing from 50.5 cents per mile to 58.5 cents per mile. 3 Rules to Simplify Your Recordkeeping for Business Travel Summer is here and for many of us that means summer business trips. I love traveling for business. But, my least favorite part about business trips is keeping track of all of my receipts. Meals & Entertainment: What Is Deductible and What Is Not? Probably the most common business deductions are meals and entertainment. However, people are often confused about whether the expenses are fully deductible, partially deductible or not deductible at all. How to Deduct Your Travel Expenses Travel expenses are a favorite deduction of many clients, because they love to travel and especially enjoy it when the IRS is subsidizing part of the expense. In order to deduct travel expenses, however, you must show that the expense has a business purpose and is ordinary and necessary to the business. Are Your Meals 50% Deductible or 100% Deductible? There are several specific rules to determine if a meal is a legitimate business expense. These specific rules include meeting the business purpose requirement and the ordinary and necessary requirement. In this article, it's assumed that the meal has met these requirements and is indeed a business expense. A Checklist to Properly Document Your Meals and Entertainment Expenses One thing you can always count on during an audit is a request for documentation supporting meals and entertainment expenses. The IRS has found that these expenses are heavily abused and are an easy way to generate additional tax revenue, not to mention additional revenue from penalties and interest. Entity Formation Fundamentals One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited liability company. The entity you choose should take into account both the tax effects of the entity and the legal aspects of the entity. Is Your LLC a Sole Proprietorship, a Partnership, a C Corporation or an S Corporation? Understanding the fundamentals of entities, particularly LLCs, is a key part of building a wildly successful tax strategy. Entity Formation Fundamentals One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited liability company. What constitutes as "Travel Away From Home"? When it comes to business travel, expenses, and deductions, I am frequently asked "What constitutes travel away from home and why is it important?"