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Tax Deduction Consulting: Small Business Deductions Brigham City UT

Business taxes can be summarized simply as calculating your total revenue, reducing this amount by as many deductions as you can and then paying tax on the remaining amount. Obviously, this represents a major simplification, but I offer it highlight the importance of deductions.

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(435) 462-2785
750 S STATE ST
MOUNT PLEASANT, UT

Data Provided by:
H&R Block
(801) 223-9766
1549 N STATE ST STE 102
OREM, UT

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Synergy Accounting Solutions
(801) 542-0230
8282 S. State St. Suite
Midvale, UT
 
H&R Block Inside Sears Downtown
(801) 532-0610
754 S STATE ST
SALT LAKE CITY, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Robert Blake Accounting and Tax
(801) 763-8295
9626 Dorchester Drive
Cedar Hills, UT
 
H&R Block
(801) 832-8932
2356 S FOOTHILL dr
SALT LAKE CITY, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
438 E 12300 S
Draper, UT

Data Provided by:
H&R Block Premium
(801) 355-4649
888 S 200 E STE B
SALT LAKE CITY, UT

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Tax Deduction Consulting: Small Business Deductions

Small Business Deductions

Taxes are the great bane of most small businesses. Alas, small business deductions act as a salve to cool the burning and itching of your bank account.

Small Business Deductions

The tax system in the United States is an undeniable mess. With tens of thousands of pages of laws and regulations, the phrase cruel and unusual comes to mind when it is time to pay your taxes. President Jimmy Carter called the system a disgrace to the human race. Albert Einstein said the tax system was the hardest thing to understand in the world, much harder than physics. The system is such a mess, that some large corporations file one tax form every four minutes! The only way to fight the good fight against taxes is to understand and maximize small business deductions.

Business taxes can be summarized simply as calculating your total revenue, reducing this amount by as many deductions as you can and then paying tax on the remaining amount. Obviously, this represents a major simplification, but I offer it highlight the importance of deductions. They act as your lifesaver when you are floating in the ocean of tax codes and regulations.

Most people get caught up in the finite issues of small business deductions and miss out on various claims. To this end, it is important to understand the theme for deductions for small businesses. When considering whether an expense is a deduction, you should ask yourself the following:

1. Did it occur as part of my small business?
2. Was it an ordinary expense associated with my business?
3. Was it a necessary expense?

Many people ask for a more specific of an "ordinary" expense. Alas, the tax code is vague, but this typically means an expense that another business in your industry would also claim. Admittedly, it is a vague term, but you will just have to determine how comfortable you are with claiming the deduction.

The second area people get confused with is the "necessary" element of the test. Alas, the IRS ...

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