In the complex area of business taxation, LG&H provides tax analysis in areas of corporate reorganizations, mergers, acquisitions and divestitures. For a tax look at the effects of some day to day decisions we want to be there for you. When you are making a large purchase for the business let us review what qualities will provide the best tax benefits. The limits for Section 179 expensing in 2014 is $25,000. For small businesses there are health insurance and domestic production credits that you may not be utilizing or maximizing. When you need to know the tax benefits or consequences of your ideas, give us a call. Building a relationship with you will allow us to serve you in the most efficient manner.
Some items to keep in mind throughout the year include:
- Are you classifying your workers properly as employees or independent contractors?
- Are you tracking your basis, this could be the difference between being able to take a loss or not?
- Do you have sufficient documentation for your automobile/ mileage expenses?
- Have you recorded the who, what, when, where and how of your travel, meals & entertainment?
- Is your home office being exclusively used as such?
- Have you filed the necessary 1099’s?
- As an officer of the company are you taking a reasonable amount of compensation?
- Are payments made to you that of a loan or wages?
LG&H can review the tax costs and benefits behind your business type. Whether you are an established Corporation, Partnership, Limited Liability Company, S Corporation, Sole Proprietor making changes or looking to find the best fit for your business LG&H can provide insight into the taxes that will result. Give us a call and we can start working together today.
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