Pay the IRS Less without going to Jail - 0000-01 - Corporate Partnership Center - Room 110

During this course, you will learn everything you need to know on what to take for business deductions (and which you can't), so you can minimize your taxes with the IRS! You will learn what to keep for your records in order to help keep you safe. During the course, we will cover auto expenses, meals & entertainment, business use of home, and many more, and the way to make sure you can do it correctly! We will also cover charitable deductions, sales taxes, and estimated tax payments, hiring your children, employing a spouse and providing insurance. Entity Selection. Business Records: Business records should be separate from non-business records. Documentation: Documentation is the key to being able to minimize your taxable income. Deductible Expenses: A deductible expense is any expense that is both ordinary and necessary. Non-business expenses – Charitable contributions (consider advertising). Auto Expenses: Deduction is based on mileage, this deduction may be disallowed without mileage records. Parking, tolls, and loan interest may also be deducted when using the standard mileage rate. Meals & Entertainment: Meals and entertainment are deductible if incurred while traveling on business or while entertaining a client, customer, or employee. Business Use of Home: Four tests must be met to qualify to deduct the business portion of home expenses. Home Office Deduction: Based on square footage. Estimated Tax Payments: Depending on entity choice, estimated tax payments might be required; Payments are due April 15, June 15, September 15 and January 15. Sales Taxes: Sales taxes are administered by the state. Payroll Taxes: Payroll taxes are administered by the federal government and the state; Payroll tax returns are required to be filed quarterly. Other Items to Consider: W-9 from vendors to issue 1099 forms, Retirement account options, Hiring your children, Employing a spouse and providing insurance, Mileage or expense tracking apps. About the Presenter: Merrill Taylor is a partner with Clark Taylor CPAs, and has been practicing for nearly 20 years.

Speaker(s): Bryce Hansen/Merrill Taylor

Register: https://www.eventbrite.com/e/pay-the-irs-less-without-going-to-jail-tickets-30862861650 Information: 801-957-5441

Fee: No Cost