tax savings

From the perspective of your tax return, a business loss is a good thing. A business loss reduces your overall income, and thereby reduces your income taxes. For many small businesses, properly planning your tax strategy for the year means identifying whether you have a net loss for your business.

Of course, there comes some risk with having a net loss; the IRS can take an active interest in businesses with a loss, especially those that have a loss year after year.

Here are some smart strategies for deducting and preserving your business losses, as well as some information you need to know:

If you’re going to have a business loss, some deductions should be deferred. For example, you might… Read more →

NFL players make more in a year than most people will see in an entire lifetime.

Don’t believe me? In 2016:

Ben Roethlisberger made $17,750,000, Philip Rivers made $22,000,000, Tom Brady made $28,764,705, Von Miller made $25,100,000, and the New Orleans Saints paid Drew Brees a whopping $31,250,000.

 

Meanwhile, the average annual salary in America is $51,539. That means that you would have to work for more than 600 years to make as much as Drew Brees made last year.

Despite the fact that they make so much more than you do, sometimes it seems like they pay virtually nothing in taxes, doesn’t it? Now, the truth is that a lot of them use pretty shady, sometimes even bordering … Read more →

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