Testimonials

Q:   Considering the separation of write off expenses, is there a threshold or dollar amount when it becomes necessary or prudent to maintain a separate business credit or debit business account? Will the IRS look closer if you use a personal credit card for business expenses?

A: Business expenses are a gold mine for tax savings! The trick is using a system to maintain the necessary records. The centerpiece of your system is your appointment book. That’s where you document the business purpose of each activity and where the receipts can go until you get to the office. A separate credit or debit card account for business expenses will make your recordkeeping life easier. It’s not the IRS that’s your … Read more →

Q: Please enlighten us: When we exercise some of these various techniques to reduce taxes, does that increase the chance that IRS will audit us ??

A: This is a great question; one that I get asked all the time. In fact, I addressed this in my chapter Winning the Game Without Breaking The Rules in CTC’s recently published Bestseller Secrets Of A Tax Free Life: Surprising Write-Off Strategies Most Business Owners Miss.

For example, if you are currently filing as a single-member LLC on schedule C and elect to be taxed as an S Corporation in order to save self-employment taxes on the portion of your profit in excess of your reasonable salary; your risk of being audited is … Read more →

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