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Tax Deduction Consulting: Corporate Tax Deductions Hayden ID

The Corporation has several advantages over other forms of business. These advantages have most to do with liability protection to the owners. The Corporation isolates the business and its affairs from the personal affairs of the actual owners, who are the shareholders.

Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
Company
Title: Managing Partner
Company: Burks Wealth Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience
Years Experience: 15
Service
Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

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Liberty Tax Service
(866) 871-1040
1563 Fillmore St # 2e
Twin Falls, ID

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Liberty Tax Service
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1811 S Lincoln Ave
Jerome, ID

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Pattent Tax Service Llc
(208) 939-1151
8850 Horseshoe Bend Rd
Boise, ID
 
H&R Block
(208) 442-1556
119 S VALLEY drSTE D
NAMPA, ID

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Liberty Tax Service
(866) 871-1040
25 S 16th St
Payette, ID

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Fast Tax Plus
(208) 887-1817
13965 W Chinden Blvd Ste 110
Boise, ID
 
H&R Block
(208) 238-5958
4240 YELLOWSTONE AVE
CHUBBUCK, ID

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1116 12th Ave S
Nampa, ID

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1010 N Orchard St Ste 5
Boise, ID
 
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Tax Deduction Consulting: Corporate Tax Deductions

Check List of Corporate Tax Deductions

A Corporation is the only type of business entity in the United States that is required to pay "income tax" on its profits. That is why corporate tax deductions are so important.

The Corporation has several advantages over other forms of business. These advantages have most to do with liability protection to the owners. The Corporation isolates the business and its affairs from the personal affairs of the actual owners, who are the shareholders. This means that the Corporation must pay its own "income taxes." In the case of other business structures such as sole proprietorships, LLCs, and partnerships, the tax obligation is passed on to the owners directly. They then pay the income tax on the profits as part of their own personal income taxes.

Since the Corporation is treated much like an individual for the purpose of taxation, it is essential to make sure that only the fair and legal amount of tax is being paid. It may be nice to the ego of the managers to inflate the profit figures by ignoring some legitimate business expenses, but it is not wise from a taxation point of view to miss any deductions. So, what are legitimate business expenses?

Actually, any expense that is in anyway related to the goal of producing a profit can be deducted as a legitimate cost of doing business expense. This would include the pay and benefits of any and all employees. Even if the employees are substantial stockholders, they are still paid a salary and this salary is the basis for their own personal income tax. To the Corporation, this is just a deductible expense. The cost of benefits is included also as a deduction.

A checklist of Corporate Tax deductions would include virtually everything that is related to doing business. This is why proper accounting procedures are of paramount importance to any Corporation regardless of its size. Many small business owners are drawn to the idea of Incorporation for the liability protection an...

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