Did you know that the manner in which you structure your Internet business affects the business deductions you can take? Learn the tax strategies available for S Corporations and C Corporations.
There are numerous ways to slash your taxes. A savvy Internet business owner recognizes that these tax saving strategies can add up to thousands of dollars.
First, let’s take a look at two ways in which you can structure your Internet business. S corporations and C Corporations and the tax tools you can use in each type of structure.
1.) S Corporations:
2.) C Corporations
NOTE: S corporation and sole proprietor have virtually the same deductions, but there are a few differences.
Be aware that if you use these tax strategies that you should:
1.) Audit-proof your record through the power of documentation. Keep a tax log. You will have to answer who, what, when, where and how much for each deduction. This shifts the burden of proof off of you and on to the IRS.
2.) Label each deduction as “Reimbursement Due”. Total up these deductions. These deductions can be offset against any future or back taxes that you owe. In other words, the IRS won’t write you a check, but instead cut your back taxes or future tax payments.
NOTE: You can amend past returns as far back as 3-4 years.
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