Any business guys here???

[Gatorbait]

Own a business. Business is booming. Profits increasing. IRS killing me. I don't want to go to jail, but there has to be some tricks to keeping some of our money:shrug: My accountant, my brother's mother-in-law, seems to be to old school and by the book. If anyone here could help, I'd greatly appreciate it. One thing I'm looking at is paying myself in draws. Any benefits to this? I don't want to break the law, just skate the law

 

[Centre Ice]

You need an accountant that knows the in's and out's of your business field.

Spending a couple of hundred on an experienced accountant that can get you LEGITIMATE writeoffs, tell you when and where to spend and especially set up your money where it is best protected from being taxed is well worth the extra cost.

There is an enormous difference between just regular payroll taxes and business taxes. If your just getting a family member to do it that doesn't have the knowledge you are probably missing a ton of writeoffs.

You will want to go "by the books" as it's your name on the return and your responsible but there are alot of areas that are in return that can be used to your advantage if you have someone that knows where they are and how to use them.

Good Luck

 

[fletcher]

insted of paying yourself.write it down as a captial dispersement,and ask what you can use as captial contrbution,this will save you,start using a roth or 2.

have to have a good accountant inmy business, and i am listed as a corporation. home is my business address. get to write off a lot.

 

[BobbyBlueChip]

Look for a professional that has experience in cash-based businesses and will bend the rules. Taxable income is not a fixed number, it is based on various estimates and assumptions. As long as nothing is done that borders on gross negligence, you're not going to go to jail, you'll just have to pay interest on the money that you owe.

 

[Eddie Haskell]

New accountant

New accountant

A friend of mine lives in Manhatten. He told me about his accountant. Apparently pretty good accountant cause last year my friend saved $20,000.00 in federal taxes for not growing corn.

Eddie

 

[Skinar]

Gatorbait -

As much as a good accountant, you also need a good financial adviser/planner and that's not an insurance salesman who calls himself a financial planner. Do you personally know someone in your situation? If so, do they have a broker/financial advisor they could recommend locally? Those are they guys who can steer you in the right direction. You may need to change your type of company (sole proprietorship, S corp, etc), but none of these decisions can be made without someone looking at the complete picture and also making some assumptions about what will happen in the future.

You're in a good position at least - it's always easier to manage a company that's making lots of money versus managing one that's going in the hole.

Good Luck,

Skinar