Here are a few more reasons that I may be the only tax and legal professional you’ll need? See my Credentials. A recent client starting a business discovered that my diverse background lets me answer a lot of questions! I can form an LLC, negotiate win-win contracts and help my clients pay fewer taxes. For example, I can show you how a big vehicle can save big taxes.
Win-Win: How can you make your contracts win-win? First, get it in writing. Second, run it by me. Deals made with a handshake are fine for unimportant transactions, but parties often assume the other party agrees on a term, yet they don’t. Negotiating a written contract reveals areas of disagreement and allows you to work things out in advance, during the “honeymoon.” So if your contract is important, let’s discuss it.
Large vehicle tax breaks: A passenger vehicle purchased in 2015 is limited to roughly $3,000 of first year depreciation. However, a vehicle with more than a 6000 pound gross vehicle rating is not so limited. Furthermore, if the original use begins with you, it may qualify for up to a $25,000 §179 deduction, and it may qualify for 50% bonus depreciation on the remaining cost, plus regular depreciation on the rest.
My Advice: Check the gross vehicle rating of a new vehicle you are buying.
Expense it or depreciate it? Are you tempted to expense off all your new equipment under the expanded $500,000 §179 deduction? If your business is growing, you might save more taxes by depreciating it over several years, when you are in higher brackets.
My Advice: With a professional tax forecast, I can help you make these decisions.