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When do accountants fall over?
When they lose their balance.
Can you pay $0 in taxes? For one year absolutely. I was browsing a post on Facebook and ran into a business owner who believed you should never pay taxes. What they claimed is they change tax lawyer or CPA every time their current lawyer or accountant claimed they owed taxes.
There are some ways to never pay taxes, but it is always a deferral and can be a more expensive way of handling everything. You basically have to spend more money then you earn every year. Generally this is done with real estate professionals and is usually highly leveraged with debt.
Long term can be risky. I don’t recommend this for most business owners, partly because most are not real estate professionals and cannot even take full advantage of the benefits.
You pay taxes when income comes to you personally. So if you earned money you have to pay taxes. My view is that if you think you are cheating the IRS you are probably doing something wrong. My goal is to help you plan long term to make sure to pay the least in taxes this year and next year both legally and ethically.
TODAY’S ACCOUNTING TIP
Best Tax Planning Advice
HSA and contributing to retirement is the best thing we can do each year to decrease taxes and save money. Those are always the first two things I recommend. If you are not aggressively contributing to retirement and HSA then you are not really tax planning and just looking for a loophole. Help us keep sharing real stories
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