It’s very common for many businesses not to maximize their tax deductible benefits available for lack of organization or ignorance of the tax law. Get ready for a meaningful discussion with your accountant by considering the following questions.

1. What information and documents should I keep and for how long? Make a list and revise it each year.
2. Does the structure of my business affect my income taxes? Could I save more in taxes with a different structure?  (Sole Proprietor, Partnership, LLC, S or C-Corporations, etc.)
3. Are the people working in my business employees or contractors?  Should I provide form W-2 or the 1099? The IRS has specific guidelines to define worker’s status and an audit can seriously affect your business.
4. How does the ratio profit/expenses affect my taxes?
5. Can I deduct miles used for doing volunteer work?
6. Are there any tax law changes this year affecting my business?
7. What kinds of travel expenses are deductible?
8. Do I qualify for a retirement savings account with deductible contributions? There are different retirement plans available to benefit business owners and employees.
9. What is an “Executive-Bonus” and does my business qualify for it?
10. What is the “Special-Tax Credit” and how can I take advantage of it?
11. How much can I deduct from charitable giving? What types of organizations qualify for my donations?
12. Can I use my home as a business office and deduct expenses related to it?
13. How can I maximize the tax benefits available?

A fellowship breakfast will be offered at 13425 Webb Chapel Rd, Farmers Branch, TX 75234 on March 27 at 7:30 am to further discuss these questions. There will be profesional individuals to help you better focus on maximizing your tax benefits. The breakfast will cost $3.00, but you have to RSVP. Please call 972.241.3293 or click here to register.