tax tips

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 →

We’re sure you’re aware that there is a right way and a wrong way to do your taxes. But sometimes, tax deductions aren’t as “cut and dry” as they seem.

Take, for instance, the junkyard owner who had a rodent problem. Instead of hiring an exterminator, he bought cat food and put it out to attract feral cats. The cats took care of his problem and he claimed the cost of cat food as a business expense.

Or how about the taxpayer who tried to claim the cost of a daily sitter for his dog? It seems this pet owner thought his dog was unable to make it through the day alone.

One of those deductions was successful. Can you … Read more →

An integral part of your success in a startup business is making sure you’re in a good place from the tax perspective. You need to be able to get through those first couple of years without a heavy tax burden, and reaping the benefits of having a business loss. Once your company is turning a solid profit, things will change, of course.

Here are some important factors to keep in mind as you plan the tax strategy for your new business:

1.The first and most important tax decision you make is your business structure.

When you’re first starting a business, you need to choose what legal entity your business will use. You’re looking at a choice between a sole proprietorship, … Read more →

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