Module 10.5Basic Tax Planning  Jim Beach & Chris Hanks
© School For Startups. All Rights Reserved.                                                                         Fully ...
© School For Startups. All Rights Reserved.                                                                Deductible?    ...
© School For Startups. All Rights Reserved.                                              Income           100             ...
© School For Startups. All Rights Reserved.                                                               Depreciation    ...
© School For Startups. All Rights Reserved.                                                              Startup Depreciat...
© School For Startups. All Rights Reserved.                                              With 8k Startup Costs            ...
© School For Startups. All Rights Reserved.                                                      Year One                 ...
© School For Startups. All Rights Reserved.                                                      Year Two                 ...
© School For Startups. All Rights Reserved.                                                                Filing Taxes   ...
© School For Startups. All Rights Reserved.                                              THANKS!                          ...
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Sfs10 5 basic tax planning pdf

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Sfs10 5 basic tax planning pdf

  1. 1. Module 10.5Basic Tax Planning Jim Beach & Chris Hanks
  2. 2. © School For Startups. All Rights Reserved. Fully Deductible Factory expenses Accounting fees Rent Insurance Advertising Salaries, wages, and other Interest paid compensation Bank charges Internet subs, domain names, Security Commissions and sales expenses and hosting Small tools and equipment Computers Laundry Software Legal fees Consultation expenses Supplies Licenses Continuing professional education Maintenance and repairs Taxes Telephone Contract labor Office expenses and supplies Trade discounts Credit and collection fees Pension and profit-sharing plans Travel Delivery charges Postage Utilities Print and copy Dues and subscriptions Professional development and training Employee benefit programs Professional fees Equipment rentals Promotion Slide 10.5-2
  3. 3. © School For Startups. All Rights Reserved. Deductible? Auto Not Contributions Not Bribes Not Cell Phone MOSTLY Entertainment 50% Deductible Gifts $25 per person Home Office Split business(yes) & personal (not) Lobbying Not Meals 50% Deductible Penalties Not Social Clubs Not Slide 10.5-3
  4. 4. © School For Startups. All Rights Reserved. Income 100 - Deductions 35 Taxable Income 65 Slide 10.5-4
  5. 5. © School For Startups. All Rights Reserved. Depreciation Useful Life? Over 1 Year, then Depreciate It. Over Useful Life. If Under $300, like staplers. Section 179 – Sometimes up to $112k in 1 Year. Slide 10.5-5
  6. 6. © School For Startups. All Rights Reserved. Startup Depreciation Startups Expenses and Organizational Expenses Travel, Trade Shows, Seminars, Legal Fees, Licensing, Accounting Consulting, Building Fees Related to Startup Up to $5k a Year Each (not inventory or raw materials) Rest Amortized over 15 Years. Slide 10.5-6
  7. 7. © School For Startups. All Rights Reserved. With 8k Startup Costs Income 100 - Deductions 35 Taxable Income 65 Slide 10.5-7
  8. 8. © School For Startups. All Rights Reserved. Year One Income 100 - Deductions 35 - Startup Deductions 5 Taxable Income 60 3k Remaining Startup Deductiblity Slide 10.5-8
  9. 9. © School For Startups. All Rights Reserved. Year Two Income 150 - Deductions 55 - Startup Deductions 3 Taxable Income 92 3k Remaining Startup Deductiblity Slide 10.5-9
  10. 10. © School For Startups. All Rights Reserved. Filing Taxes Sole Proprietors Schedule C Pay Tax and 15.3% Unemployment Tax Partnerships Form 1065 Pay Tax and 15.3% Unemployment Tax LLC Schedule C if Pay Tax and 15.3% solo, or 1065 Unemployment Tax Slide 10.5-10
  11. 11. © School For Startups. All Rights Reserved. THANKS! Buy or Review!Next: Lesson 6 Credit Slide 10.5-11
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