beneficial to have your company purchase a new vehicle. Generally, if your business owns the car, it may fully deduct the vehicle’s expenses, subject to the dollar limit on depreciation, against business income. Additionally, having the business own the vehicle can protect your per- sonal assets if the vehicle were involved in an accident. New and pre-owned SUVs weighing more than 6,000
pounds may be eligible for the Section 179 depreciation write-off the first year they are put into business
use.The vehicle must be used more than 50 percent of the time for the business. This should reduce the federal tax you owe and reduce your self-employment tax bill.
number eight TAKE THE FAMILY
ON BUSINESS TRIPS. While a business trip is no vacation, a spouse or depend-
ent can often accompany you on a business trip for very little expense. If traveling by car, the entire cost of trans- portation is deductible, as your spouse is traveling in the same vehicle. Often, there is no rate difference between one and two occupants at hotels, so the lodging expense should be deductible. The only substantial cost that is not deductible are meals. The bulk of the trip may be about business, but you’ll have the comfort and support of your spouse by your side during your down time.
number nine SHARE EVERY DETAIL
WITH YOUR CPA. Lock & Shop If you receive any notices from a taxing authority, share
them immediately with your tax adviser. Responding to notices incorrectly may create more issues or escalate the inquiry to a full audit. Taxpayers who file Schedule C, Income and Expenses for Sole Proprietors tend to receive special attention from the IRS. Even if your return isn’t flagged by the IRS radar, share
your business transactions with your C.P.A. Your tax professional can look at your situation and find a more favorable filing position.
JOHN W. DICKSON III, C.P.A., CVA IS A TAX MANAGER IN HENSSLER FINANCIAL’S TAX & ACCOUNTING
DIVISION. HE EMPHASIZES MINIMIZING THE OVERALL TAX BURDEN AND ADDRESSING THE INDIVIDUAL TAX NEEDS OF CLOSELY HELD ENTITY OWNERS.
www.garealtor.com
BankSouth Mortgage offers the solution that allows your clients to take advantage of today’s low rates while shopping for their home.
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Equal Housing Lender. BankSouth Mortgage Company, LLC. NMLS # 690971. 990 Hammond Dr. Suite 210 Atlanta, GA 30328. Terms subject to change without notice. Subject to credit and property approval. Consult your mortgage expert for more details. Property insurance, and if applicable, flood insurance required. This is not a commitment to lend.
Equal Housing Lender. BankSouth Mortgage Company, LLC. NMLS # 690971. 990 Hammond Dr. Suite 210 Atlanta, GA 30328. Terms subject to change without notice. Subject to credit and property approval. Consult your mortgage expert for more details. Property insurance, and if applicable, flood insurance required. This is not a commitment to lend.
GEORGIA REALTOR® I 15
Help Your Clients Spend Your Time Finding Teir Dream Home, Not Worrying About Teir Interest Rate.
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