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Tax Deduction Consulting: Corporate Tax Deductions Silver City NM

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.

Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
Company
PLAN RIGHT, LLC
Qualifications
Education: MBA, Accounting Concentration
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, personal Coach, Retirement Planning, Tax Returns, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Auto Home Insurance, Asset Protection, LiabCover

Data Provided by:
Smarter Tax Solutions LLC
(505) 922-4973
5508 Pegasus Pl NW
Albuquerque, NM
 
Income Tax Express NM
(505) 288-9955
3730 Coors Blvd NW, Ste E
Albuquerque, NM
 
Gene Oak Accountant
(505) 332-0802
1809 Britt St NE
Albuquerque, NM

Data Provided by:
H&R Block
(505) 334-2552
207 MAIN ST
AZTEC, NM

Data Provided by:
Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
Qualifications
Education: BS
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, BuySell, LiabCover, Compensation Plans

Data Provided by:
Zia Tax Svc
(575) 541-6171
1125 N Solano Dr
Las Cruces, NM

Data Provided by:
Smarter Tax Solutions
(505) 922-4973
5508 Pegasus Pl Nw
Albuquerque, NM

Data Provided by:
H&R Block
(575) 472-2627
132 S 5TH ST
SANTA ROSA, NM

Data Provided by:
H&R Block
(505) 298-0591
12241 ACADEMY NE
ALBUQUERQUE, NM

Data Provided by:
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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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