Tax Deduction Consulting: Corporate Tax Deductions Hilo HI
Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Busine
The Cornillez Group, LLC
Years of Experience: 22
IARFC, MDRT, SCSA, NAIFA
Invoice, Estate Planning, Business Planning, Tax Planning, Employee Benefits, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, BuySell
Pearl City, HI
Financial Management Solutions, Inc.
Years of Experience: 30
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Education Plan, Healthcare Accounts, Compensation Plans
Pearl City, HI
Advantage Group, LLC
Years of Experience: 27
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, LiabCover, Compensation Plans
Tucker Wealth Management, Inc.
Education: BBA, High Honors Accounting, University of Hawaii; Juris Doctor, William S. Richardson School of Law
Years of Experience: 28
IARFC, FPA, AICPA, Bar
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Mutual Funds, Charitable Planning, Asset Protection
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...