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Book on: Incorperation for tax advantages?

Kak

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I am looking for a good book about how you can stretch the tax advantages of your corporation. Tax savings are free money, I might as well milk it the best I can.

I want to know how far I can really go with the whole "business expense" thing as they are paid for before taxes.

Does anyone have any recommendations?
 
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royemunson

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Why not sit down with a good tax advisor/cpa (depending on your location).

Keeping up with the tax code is a full time job and one of the tricks to being fastlane is to find smart people around you who can assist where necessary.

Either that or go check out Diane Kennedy's websites as she is an expert at this very topic (for US based taxes).

There's a lot more to it than what you can and can't deduct for business expenses and that goes on the personal side as well.

Joe
 

Kak

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Sure I have an accountant. I guess I should sit down with him. I just want to learn because im not always going to have him around when I need him.
 

AJGlobal

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Sure I have an accountant. I guess I should sit down with him. I just want to learn because im not always going to have him around when I need him.

Learn everything you can and create a team of people (CPA, business attorney, Tax attorney if needed for additional advise, and if needed a financial adviser or mentor). I handle all of the books and keep track of whats going in and out and itemize everything myself. My bookkeeper then takes that info and has it ready for my CPA to look at. Then he picks apart everything. I have all these people and it took years to learn and use all these people to my advantage. A lot of them like to contradict one another but if you have input from at least 3 different sources that pertain to finances,and taxes...........your answer and what you need to do with those answers will be staring at you right in the face. I don't always like what my CPA has to say about certain write offs he says I can't take............so I'll consult the tax attorney, which by the way finding one that was a former IRS agent is huge. Then I make a calculated decision because in the end you are still on the hook no matter who your have in your corner or what they say you can or can't do.
 
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